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Moody's affirms AutoZone
Moody's Investors Service said it affirmed the Baa2 senior unsecured and Prime-2 short-term ratings of AutoZone, Inc.
The outlook is stable.
Moody's said the affirmation follows the company's increase of its share repurchase authorization by $500 million for total availability of $600 million. The company will use buybacks to manage itself to a targeted 2.5 times debt to EBITDA, or 2.8 times adjusted debt to EBITDA.
The Baa2 rating recognizes AutoZone's solid metrics and its market-leading franchise, Moody's said.
Financial policy has become more aggressive with share buybacks and remains a key ratings driver, the agency said.
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