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Fitch applies A- to Target notes
Fitch Ratings said it assigned an A- rating to Target Corp.’s new 10-year and 30-year unsecured notes.
The outlook is positive.
Proceeds will be used to conduct cash tender offers for up to a maximum purchase price of $1.8 billion (up to $1 billion of long dated maturities and up to $800 million of 2017/2018 debt) and for general corporate purposes, which may include the refinancing of upcoming debt maturities.
Target had about $12.8 billion of debt at Jan. 30.
Fitch said the rating reflects Target's strong U.S. market position, well-recognized brand name, and modest financial leverage.
The positive outlook reflects the company’s improving comparable sales and margins along with the agency’s expectation that total adjusted debt/EBITDAR will be maintained around 2 times.
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