Top-tier positions in the U.S. and Canadian electrical distribution markets End-market and customer diversity across construction, industrial, institutional and governmental, and utility infrastructure markets Highly competitive and fragmented industry, with exposure to economic, industrial, and construction cycles Low fixed-capital intensity, but significant working capital needs A publicly stated policy to maintain leverage of 2x to 3.5x reported debt to EBITDA Debt-funded acquisition strategy, resulting in leverage that may temporarily exceed target levels Consistent free operating cash flow that supports external growth objectives and debt reduction Standard&Poor's Ratings Services' outlook on WESCO International Inc. is positive, reflecting our expectation of gradually improving credit measures during 2013 as the company restores its balance sheet profile following a large acquisition last
