S&P drops Wal-Mart program

Standard & Poor's said it lowered its rating on Wal-Mart Funding Corp.'s $500 million commercial paper program to A-1 from A-1+ and removed the rating from Creditwatch with negative implications, where it was placed Dec. 8.

According to the agency, the rating actions follow the Dec. 19, lowering of its short-term counterparty credit rating on Credit Suisse International to A+/A-1 from AA-/A-1+ and its removal of those ratings from Creditwatch negative.

S&P said that the rating is weak-linked to its rating on Wal-Mart Stores Inc. (AA/stable/A-1+) based on the underlying market rate conversion securities bonds supporting the payments due on the CP and its rating on Credit Suisse International (A+/stable/A-1) under an interest rate and currency swap agreement according to the transactions' terms.

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