S&P ups Ingram Micro outlook to positive

Standard & Poor's said it affirmed Ingram Micro Inc.'s BB+ corporate credit rating and revised the outlook to positive from stable because of the company's improving profitability and good financial profile for the rating.

S&P said the rating reflects relatively thin profitability levels and highly competitive industry conditions, partially offset by the company's leading market position and moderately leveraged balance sheet. Total debt to EBITDA was below 2x as of March 31.

Ingram Micro is the world's largest wholesale provider of technology products and services. Fiscal 2005 revenues were $28.8 billion. With a leading market share and global presence, Ingram is well positioned to provide a broad range of distribution and logistics services to its customers, the agency said.

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