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Published on 9/8/2021 in the Prospect News Investment Grade Daily.

Fitch rates Walmart notes AA

Fitch Ratings said it assigned a AA rating to Walmart, Inc.'s proposed senior notes offering, which Fitch expects could be up to $5 billion.

Proceeds, along with cash on hand, are expected to be used for early redemption of up to $8 billion in existing debt.

“While the transaction is modestly deleveraging, Fitch expects total adjusted debt/EBITDAR (capitalizing lease expense at 8.0x) to trend near 2.0x over time,” Fitch said in a news release.


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