S&P rates O'Reilly Automotive notes BBB

S&P said it assigned its BBB issue-level rating to O'Reilly Automotive Inc.'s proposed senior notes due 2028.

All of the existing ratings on O'Reilly, including the BBB corporate credit rating and stable outlook, are unchanged.

The notes will rank equally with all of the company's existing unsecured debt, S&P said.

The agency said it expects the company to use most of the net proceeds to repay revolver borrowings.

S&P said the ratings on O'Reilly reflect its good market position as the third-largest auto parts retailer in the United States.

“We believe the company's strong market position, customer service and distribution capabilities will enable O'Reilly to continue reporting good operating performance gains,” the agency said in a news release.

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