S&P rates AutoZone loan BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to AutoZone Inc.'s $1 billion revolving credit facility maturing Sept. 13, 2016.

All of the company's existing ratings, including the BBB corporate credit rating, remain unchanged, the agency said. The outlook on the company is stable.

"We expect AutoZone to use the new revolving credit facility, which replaces the company's previous $800 million facility, for general corporate purposes, including commercial paper backup and letters of credit," said S&P credit analyst Jerry Phelan in a news release.

S&P said AutoZone's ratings reflect its view that the company's profitability will remain strong and credit measures will stay near current levels, even under a scenario of modestly weaker industry demand.

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