Fitch affirms Kohl's

Fitch Ratings said it affirmed Kohl's Corp.'s long-term issuer default rating at BBB+, $900 million bank credit facility at BBB+ and $1.9 billion senior unsecured notes and debentures at BBB+.

The outlook is stable.

Ratings reflect Kohl's best-in-class operating margins and share gains, its convenient off-mall store format, inventory management initiatives and the successful introduction of private and exclusive brands, balanced by the continued pressure on discretionary consumer spending, the agency said.

Ratings also consider Kohl's relatively steady credit metrics and strong liquidity over the last three years, Fitch said

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