Fitch affirms Kohl

Fitch Ratings said it affirmed Kohl's Corp.'s issuer default rating, $1 billion revolver and $2.15 billion of senior notes and debentures at BBB+.

The outlook is stable.

The ratings reflect Kohl's market share gains, best-in-class operating margins, convenient off-mall store format, strong inventory management and outpaced growth in higher-margined private and exclusive brands relative to national brands, according to the agency.

Adjusted debt to EBITDAR at the end of 2011 is expected to remain in the low 2.0x range on estimated modest EBITDA growth of 3%, offset somewhat by a higher debt balance and increased rents, Fitch said.

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