Fitch Ratings said Thursday it has revised its ratings outlook for Ingram Micro Inc. to "Stable" from "Negative" as part of its stable outlook on the entire technology distributor sector.
Fitch said its stable outlook for information technology distributors like Ingram Micro in 2010 is due in part to a more optimistic view of market demand and the industry's financial profile.
Demand for technology products from businesses is improving as the economy stabilizes. Fitch expects "modest sales growth" in 2010 for the sector.
The ratings agency also affirmed its BBB- issuer default rating on Ingram, as well as a BBB- rating on the company's $275 million senior unsecured credit facility. Both ratings are investment grade.
Shares of Ingram based in Santa Ana, Calif., rose 5 cents to $17.18 in afternoon trading.