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S&P rates Lowe's notes A+
Standard & Poor's said it affirmed Lowe's Cos. Inc.'s ratings, including the A+ corporate credit rating, and assigned a rating of A+ to the company's proposed $1 billion of senior unsecured notes due 2012, 2017 and 2037.
The outlook is stable.
Proceeds are expected to be used for general corporate purposes including financing share buybacks, capital expenditure and working capital.
Pro forma for the issuance of $1 billion of senior notes, S&P said it expects the company's lease-adjusted debt-to-EBITDA ratio to grow to 1.3 times from 1.1 times as of Aug. 3.
According to S&P, the ratings are based on the company's favorable market position, its strong operating performance, credit metrics and the agency's belief that the company's financial policy will remain conservative.
The agency said it believes that Lowe's can maintain these credit strengths even if the housing market remains weak through 2008 as expected.
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