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Moody's: Best Buy unchanged
Moody's Investors Service said that Best Buy Co. Inc.'s announcement that its board of directors approved a new $5 billion share repurchase program will have no impact on either the Baa2 senior unsecured rating or the stable outlook.
This new authorization replaces the $5.5 billion program that was approved in 2007 and is therefore consistent with Best Buy's pattern of shareholder returns, the agency said. The company will be prudent in the execution and timing of the repurchases such that leverage does not increase materially.
With over $2 billion in cash at the end of Q1 and the ability to generate meaningful levels of free cash flow, Best Buy has the wherewithal to execute these share repurchases over the next few years such that the impact on its credit profile is relatively benign, the agency added.
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