Fitch affirms Wal-Mart

Fitch Ratings said it affirmed Wal-Mart Stores, Inc.'s long-term issuer default rating AA, bank credit facility at AA, senior notes at AA, short-term issuer default rating at F1+ and commercial paper at F1+.

The outlook is stable.

Fitch said the ratings reflect the company's dominant market position supported by low costs as well as its steady operating performance.

These factors are balanced by a more challenging economic environment and debt-financed buybacks, according to the agency.

The issuer's credit metrics have been stable for the past five years, Fitch said, with a total adjusted debt-to-EBITDAR ratio of 1.8 times to 2 times.

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