Moody's assigns Dick’s notes Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured rating to Dick's Sporting Goods, Inc. expected $1 billion of unsecured notes.

“Dick's Baa3 senior unsecured rating reflects its large scale and leading market position as the US' largest sporting goods chain in the highly competitive sporting goods sector. Dick's geographic diversification and product assortment continues to drive solid performance that we expect will continue to generate good (although moderating) operating earnings and cash flow,” Moody’s said in a press release.

The proceeds will be used to repay the company's $575 million convertible debt, add cash to the balance sheet and for general corporate purposes.

The outlook is stable.

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