Fitch rates Wal-Mart notes AA

Fitch Ratings said it assigned a rating of AA to Wal-Mart Stores, Inc.'s benchmark issue of three-, five-, 10- and 30-year notes.

The company has a long-term issuer default rating of AA, senior unsecured debt rating of AA, bank credit facility rating of AA, short-term issuer default rating of F1+ and commercial paper rating of F1+.

The outlook is stable.

The proceeds will be used for general corporate purposes, including repayment of short-term debt and share repurchases.

The ratings reflect Walmart'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 Walmart'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 two years, Fitch said.

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