Moody’s rates Whole Foods Baa3

Moody's Investors Service said it assigned a Baa3 senior unsecured issuer rating to Whole Foods Market, Inc.

The outlook is stable.

"Despite recent weakness in operating performance and the potential of a $1 billion increase in funded debt to primarily finance share repurchases, the company's proforma credit metrics will remain strong with lease adjusted leverage of about 3.1 times," Moody’s senior analyst Mickey Chadha said in a news release.

"We expect management initiatives including price investments, cost cuts, expense control and moderation in new store growth to result in improved profitability in the next 18-24 months."

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