Fitch: Wal-Mart unchanged

Fitch Ratings said it does not anticipate any rating implications for Wal-Mart Stores, Inc.'s long-term issuer default rating of AA, bank credit facility of AA, senior notes of AA, short-term issuer default rating of F1+ and commercial paper rating of F1+ should it be successful in acquiring South African retailer Massmart Holdings Ltd.

The outlook is stable.

Walmart announced that it made a preliminary, non-binding proposal to acquire Massmart for ZAR148 per share, or around $4.3 billion. Massmart is the leading general merchandise retailer in Africa with 290 stores in 13 countries, Fitch said.

While Massmart has a significant presence in Africa, it is small relative to Walmart, the agency said. Walmart's ratings continue to reflect its 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.

The ratings are constrained by the more challenging economic environment pressuring its core customer base, reflected in weaker top-line sales growth over the past year, the agency said.

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