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Rating Action:

Correction to text, August 16, 2010 Release: Moody's rates Ingram Micro's new senior notes Baa3; outlook stable

Global Credit Research - 01 Sep 2010

Approximately $300 million of new debt securities rated

New York, September 01, 2010 -- Regulatory Disclosures: Added Sources of Information disclosure and Quality of Information disclosure. Revised release follows.

Moody's Investors Service assigned a Baa3 rating to Ingram Micro Inc.'s ("Ingram Micro") proposed $300 million senior unsecured notes offering. Proceeds from the notes offering will be used for general corporate purposes. Concurrently, Moody's assigned (P)Baa3/(P)Ba2 ratings, respectively to the company's new senior unsecured debt/preferred securities shelf registration. The rating outlook is stable.

The following new ratings were assigned:

$300 Million Senior Unsecured Notes -- Baa3

Senior Notes / Preferred Stock Shelf Registration -- (P)Baa3 / (P)Ba2

RATINGS RATIONALE

The Baa3 rating reflects Ingram Micro's leading position as the largest global broad-based technology distributor, historically solid performance, particularly in its core North American markets, and good geographic diversification through an expanded presence in Asia-Pacific. The rating also captures the company's solid financial performance and operating efficiency, positive free cash flow (FCF) generation, moderate leverage and solid liquidity position throughout the economic downturn and Moody's expectation that financial leverage will remain conservative. The rating takes into account Moody's opinion that Ingram Micro will continue to pursue its strategy of improving product mix to higher value-added solutions and continue to expand share in North America.

At the same time, the Baa3 rating incorporates Moody's view that IT distribution companies are challenged by their high volume, low margin business profile, significant supplier concentration, limited pricing power and exposure to the cyclical IT industry. It also takes into account our opinion that Ingram Micro will face an increasingly competitive business environment as the company enters the mid-range and high-end enterprise computing markets. The potential for acquisition spending and share repurchase activity sized within the company's cash generating capabilities are also captured in the Baa3 rating.

The stable rating outlook reflects Moody's expectation that Ingram Micro will maintain a leadership presence in its core North America market and strong competitive positions across Europe, Asia-Pacific and Latin America. It also incorporates our expectations that vendor/customer relationships will remain relatively steady, adjusted operating margins will stay within a range of 1.3%--1.6% and retained cash flow to debt (Moody's adjusted) will remain at or above 25%. Additionally, the stable outlook reflects our expectation that Ingram Micro will maintain leverage at or below 2.5x (Moody's adjusted), fund share buybacks and acquisitions within the cash generating capabilities of the business and maintain cash balances in a range of at least $300 - $500 million.

The principal methodology used in rating Ingram Micro Inc. was Global EMS and IT Distribution Industries, published in December 2008. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

The last rating action was on May 13, 2010 when Moody's upgraded Ingram Micro's CFR to Baa3 from Ba1 with a stable outlook.

Moody's subscribers can find additional information in the Ingram Micro Credit Opinion published on www.moodys.com.

Ingram Micro, headquartered in Santa Ana, California, is the largest global information technology (IT) wholesale distributor providing sales, marketing, and supply chain solutions for the IT industry worldwide. The company offers various IT products, including peripherals, systems, networking, software, logistic services, consumer electronics, and more recently data capture, point-of-sale (POS), and high-end home technology products. Revenues for the last twelve months ended July 3, 2010 were $32.4 billion.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information, and confidential and proprietary Moody's Analytics' information.

Moody's Investors Service considers the quality of information available on the issuer satisfactory for the purposes of assigning a credit rating.

Moody's Investors Service adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from reliable sources; however, Moody's Investors Service does not and cannot in every instance independently verify, audit or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

New York
Gregory A. Fraser
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Alexandra S. Parker
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Correction to text, August 16, 2010 Release: Moody's rates Ingram Micro's new senior notes Baa3; outlook stable
No Related Data.
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