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Fitch rates Wal-Mart notes AA
Fitch Ratings said it assigned a rating of AA to Wal-Mart Stores, Inc.'s $5 billion issue of three-year, five-year, 10-year and 30-year notes.
The outlook is stable.
The proceeds will be used for general corporate purposes, including repayment of commercial paper.
The rating reflects Wal-Mart's dominant market position in North America, a strong position in the United Kingdom and a growing presence in other markets, such as China and Brazil, Fitch said. Also considered is Wal-Mart's steady financial profile despite ongoing debt-financed share repurchases, the agency said.
These factors are balanced by a more challenging economic environment pressuring its core customer base, which is reflected in weaker top line sales growth over the past year, Fitch said.
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