Ingram Announces Alliance With Compaq

Ingram Micro Inc., the world’s largest distributor of computer products, said Wednesday that Compaq Computer Corp. has committed $1 million for a joint effort to provide product support programs to those who help small- to mid-size businesses through Ingram’s VentureTech Network.

Ingram, based in Santa Ana, said in a press release that the alliance with Compaq will offer such benefits as business incentive programs, training and customized marketing programs to drive Compaq’s reach into the small- to mid-size business market.

Separately, Moody’s Investors Service said Wednesday that it lowered the ratings on a set of debt securities issued by Ingram because of the company’s decline in operating income over its last fiscal year and the uncertain recovery of its profit margins to previous levels. The ratings on $1 billion worth of convertible debt securities were lowered to Ba2 from Ba1, both of which are considered below investment grade.

Moody’s also lowered the company’s senior implied rating to Ba1 from Baa3 and its senior unsecured issuer rating to Ba2 from Ba1.