Fitch ups Target short-term rating

Fitch Ratings said it affirmed Target Corp.'s long-term issuer default rating, unsecured credit facility and unsecured notes at A-.

Fitch also upgraded Target's short-term issuer default rating and commercial paper program rating to F1 from F2, reflecting Fitch's revised short-term rating criteria and assessment of Target's financial flexibility.

The outlook is stable.

“Target's ratings reflect its strong U.S. market position, well-recognized brand name, and moderate financial leverage with adjusted debt/EBITDAR (capitalizing rent at 8x) expected to be around 2.0x,” the agency said in a news release.

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