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Fitch rates Kohl's notes BBB+
Fitch Ratings said it assigned a rating of BBB+ to Kohl's Corp.'s $350 million 3.25% senior unsecured notes due February 2023.
The company has a long-term issuer default rating of BBB+, bank credit facility rating of BBB+ and senior unsecured notes and debentures rating of BBB+.
The outlook is stable.
The proceeds will be used for general corporate purposes, including share repurchases.
The ratings reflect Kohl's market position as the third-largest department store retailer in the United States, best-in-class operating margins, convenient off-mall store format and strong inventory management, Fitch said.
The agency said it expects continued pressure on gross margin and EBITDA through the third quarter of 2012, the agency said.
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