Avnet, Inc. -- Moody's: Avnet's initiation of a common stock dividend does not affect Baa3 rating

New York, August 12, 2013 -- Moody's Investors Service says Avnet, Inc.'s announcement that its board authorized a $0.60 per share annual common dividend payment will not impact the company's Baa3 senior unsecured debt rating or stable outlook. The common dividend initiation approximates $80 million in annual payments based on average shares outstanding at the end of July 2013. The initiation of the dividend does portend a modest shift in the company's capital allocation philosophy away from historic split between M&A and share buybacks. The company still has about $224 million remaining under its previously approved buyback authorization, although with the initiation of the dividend, Moody's expects that the buyback activity will be somewhat tempered.

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