Fitch affirms Wal-Mart

Fitch Ratings said it affirmed Wal-Mart Stores, Inc.'s long-term issuer default rating at AA and short-term issuer default rating at F1+. Fitch affirmed the senior debt at AA, bank credit facility at AA and commercial paper at F1+.

The outlook is stable.

The ratings reflect 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, the agency said.

The ratings also consider Wal-Mart's steady financial profile despite ongoing debt-financed share repurchases as well as a more challenging economic environment pressuring its core customer base, which is reflected in weaker top line sales growth over the past two years, the agency added.

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