Fitch assigns AA to Wal-Mart notes

Fitch Ratings said it assigned an AA rating to Wal-Mart Stores, Inc.'s €1.5 billion note issuance, consisting of €850 million of 1.9% notes due 2022 and €650 million of 2.55% notes due 2026.

The outlook is stable.

Proceeds will be used for general corporate purposes.

Fitch said the rating reflects Wal-Mart's dominant market position in North America, strong position in the UK, and meaningful presence in other markets such as: China, Brazil, Central America and South Africa.

The agency also considered Wal-Mart's low cyclicality, consistent free cash flow and steady financial leverage despite ongoing debt-financed share repurchases.

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