Moody's: Wal-Mart unchanged

Moody's Investors Service said that Wal-Mart Stores, Inc.'s new $15 billion share repurchase program would have no immediate impact on either the Aa2/Prime-1 ratings or the stable outlook.

"Wal-Mart continues to generate substantial levels of cash flow even after its healthy capital expenditures and about $4.5 billion in dividends," stated Moody's senior analyst Charlie O'Shea.

"As a result, there remains sufficient cushion in its credit metrics to execute this level of share repurchase activity. Wal-Mart is continuing to extract market share across a broad spectrum of retail categories, and we expect this trend to continue for the foreseeable future."

The last rating action for Wal-Mart Stores, Inc. was the June 15, 1999 confirmation of the Aa2/Prime-1 ratings, with a stable outlook, Moody's added.

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