Fitch rates Wal-Mart notes AA

Fitch Ratings said it assigned AA ratings to Wal-Mart Stores, Inc.'s new $500 million 5.8% senior unsecured notes due 2018 and $2.25 billion 6½% senior unsecured notes due 2037.

The outlook is stable.

The proceeds will be used for general corporate purposes.

The agency said the rating reflects Wal-Mart's dominant market position supported by its emphasis on everyday low pricing and a tight cost structure, which allows the company to maintain a strong financial profile with relatively steady margins and credit metrics.

These factors are balanced against low comparable-store sales growth in the low single digits, intense competition in the discounter segment and the resumption of share repurchase activity, Fitch added.

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