Fitch affirms AutoZone

Fitch Ratings said it affirmed AutoZone, Inc.'s long-term issuer default rating, senior unsecured debt and bank credit facility at BBB and its short-term issuer default rating and commercial paper at F2.

The outlook is stable.

The agency said the affirmation reflects AutoZone's leading position in the retail auto parts and accessories aftermarket and its solid operating performance and credit metrics.

The ratings also consider the weak macroeconomic environment, an aggressive share repurchase posture and the 35% ownership interest of ESL Investments, Inc., Fitch said.

AutoZone's adjusted debt-to-EBITDAR ratio was 2.6 times for the last 12 months ended May 8.

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