Fitch affirms Lowe's

Fitch Ratings said it affirmed Lowe's Cos., Inc.'s long-term issuer default rating at A+, bank credit facility at A+, senior notes and debentures at A+, short-term issuer default rating at F1+ and commercial paper at F1+.

The outlook is stable.

The ratings reflect Lowe's position as the second-largest home improvement retailer in the United States, its operating performance despite a challenging operating environment and its prudent financial strategy, Fitch said.

The ratings also consider the company's aggressive store growth and the possibility of continued weakness in the housing market in the medium term, the agency said.

Lowe's has a conservative balance sheet, with adjusted debt-to-EBITDAR ratio of 1.1 times for the latest 12 months, compared with 1 times in 2006, according to Fitch.

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