DBRS rates Wal-Mart notes AA

DBRS said it assigned an AA rating with a stable trend to Wal-Mart Stores, Inc.’s new $6 billion debt issuance announced on Oct. 11.

The agency said it considers that the notes will be senior unsecured debt obligations and will rank equally with Walmart’s outstanding senior unsecured debt.

The company intends to use the net proceeds to partially fund the previously announced cash tender offer of up to $8.5 billion in outstanding notes.

“Walmart’s ratings continue to be underpinned by its large size, dominant market position, relative resilience to economic cycles, operating efficiency and robust cash-generating ability,” DBRS said in a news release.

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