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Moody's: Lowe's view positive
Moody's Investors Service said it affirmed both the long-term (senior unsecured at A2) and short-term ratings (commercial paper at Prime-1) of Lowe's Cos. Inc. and changed the outlook to positive.
Moody's said the change reflects Lowe's strong financial performance and growing market share, successful implementation of its growth strategy, superior logistics, increasing share in the home appliance market, and solid operational management.
Lowe's ratings reflect the company's solid number two position in the home improvement segment, its entrenched number two position in home appliance market share, its improving credit metrics resulting from well-managed and executed growth initiatives, superior logistics, and a broad and deep management team that seems capable of handling the impending departure of Bob Tillman.
Moody's said the ratings also consider the challenges that can beset any growing retailer, including the attraction and retention of high quality management talent, the ability to continue to select high quality sites for new store locations, the competitive landscape, specifically Sears on the appliance side and Home Depot across the board.
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