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Moody's rates Best Buy notes Baa2
Moody's Investors Service said it assigned a Baa2 rating to Best Buy, Inc.'s new $500 million 6¾% senior unsecured notes due July 15, 2013 and affirmed the company's Baa2 senior unsecured rating.
The outlook is stable.
This new issue is one of the funding mechanisms for Best Buy's acquisition of 50% of the retail business of Carphone Warehouse.
The agency said Best Buy's Baa2 rating reflects its position as the largest dedicated consumer electronics retailer, its history of innovation with respect to diversification of its product line, its solid and growing position in home appliances and its conservative financial policy and very solid investment-grade credit metrics, which remains a plus even following this venture with Carphone Warehouse and 2007's share buyback plan.
The rating also takes into account both the potential risks and rewards of the new retail partnership with Carphone Warehouse and the myriad of new entrants that have appeared to go along with traditional competitors, Moody's said.
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