Fitch rates Wal-Mart notes AA

Fitch Ratings said it assigned AA ratings to Wal-Mart Stores, Inc.'s $500 million 3% senior unsecured notes due 2014 and $500 million 4.125% senior unsecured notes due 2019.

The outlook is stable.

The proceeds will be used for general corporate purposes.

The agency said the ratings reflect 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 solid financial profile. For the past five years, the total adjusted debt-to-EBITDAR ratio has been 1.8 times to 2.0 times.

These factors are balanced by the intense competition in the retail industry as well as the pressure exerted on the company's lower-income core customer base and comparable-store sales by a high unemployment rate and weak housing and credit markets, Fitch said.

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