Fitch rates Wal-Mart notes AA

Fitch Ratings said it has assigned a rating of AA to Wal-Mart Stores, Inc.'s £1 billion of 5.625% senior unsecured notes due 2034.

The outlook is stable.

The proceeds from the issues will be used for general corporate purposes, the agency said, adding that 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, leverage defined as total adjusted debt/EBITDAR has been 1.8 times to 2.0x and coverage defined as EBITDAR/interest plus rents has been 7.8x-9.0x, the agency noted.

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