Fitch Rates Ingram Micro Inc.'s $250MM Sr. Unsecured Term Loan Facility 'BBB-'

NEW YORK & CHICAGO--(Business Wire)--
Fitch has assigned a 'BBB-' rating to Ingram Micro Inc.'s (Ingram
Micro; NYSE: IM) new $250 million (with the company's option to
increase the loan up to $350 million) senior unsecured term loan
facility due 2012. Fitch currently rates Ingram Micro as follows:

--Issuer Default Rating (IDR) 'BBB-';

--Senior unsecured credit facility 'BBB-'; and

--Senior unsecured term loan facility 'BBB-'.

The Rating Outlook is Stable.

Fitch believes the new facility will not materially impact Ingram
Micro's overall liquidity position, as the proceeds will be used to
replace capacity associated with the company's expiring accounts
receivable (AR) securitization facilities, including the (Canadian)
$150 million AR facility expiring August 31, 2008. Proceeds of the
loan are for general corporate purposes and funding working capital
needs. The terms and conditions of the new term loan are identical to
the existing revolving credit facility (RCF) and the facility is pari
passu with all of the companies existing senior unsecured debt. In
Fitch's view, the 'BBB-' rating supports the commensurate increase in
debt.

Ingram Micro's liquidity was solid at March 31, 2008 and consisted
of an undrawn $275 million senior unsecured RCF expiring August 2012,
an undrawn (Australian) $100 million senior unsecured RCF expiring
December 2008 and approximately $1.6 billion of available capacity
under various AR securitization programs, of which approximately $1.1
billion was undrawn. These AR facilities include a $600 million US
facility that expires in July 2010 ($172 million undrawn at March 31,
2008), the aforementioned (Canadian) $150 million AR facility expiring
August 31, 2008, and several smaller facilities in Europe and
Asia-Pacific. IM also has several additional credit facilities it
utilizes for liquidity purposes, most of which are uncommitted, with
aggregate capacity of approximately $933 million, of which $745
million was available to the company. As of March 31, 2008, IM's cash
balance was $567 million. Fitch expects quarterly free cash flow to
remain volatile, due to changes in working capital requirements
normally associated with wholesale distributors. Should IM's growth
rate decline amid the general economic downturn, Fitch expects that a
corresponding decline in working capital needs would lead to an
increase in free cash flow.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Jason Paraschac, +1-212 908-0673, New York
Melissa Link, CFA, +1-212-908-0611, New York
Jason Pompeii, +1-312 368-3210, Chicago
Media Relations:
Brian Bertsch, +1-212-908-0549, New York

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