Fitch applies BBB to AutoZone notes

Fitch Ratings said it assigned a rating of BBB to AutoZone, Inc.'s $650 million of new senior unsecured notes composed of a $400 million issue of 10-year notes and a $250 million issue of three-year notes.

Proceeds will be used for general corporate purposes.

Fitch rates AutoZone's long-term issuer default rating BBB/stable.

Fitch said the rating reflects AutoZone's leading position in the retail auto parts and accessories aftermarket, its strong operating performance, and steady credit metrics. The ratings also consider the company's aggressive share repurchase posture.

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