Fitch rates Wal-Mart notes AA

Fitch Ratings said it assigned an AA rating to Wal-Mart Stores, Inc.'s multi-tranche issuance of $6 billion two-, three-, five-, seven- and 30-year senior unsecured notes.

Proceeds will help fund the cash tender offer of up to $8.5 billion notes maturing 2019 through 2043.

Fitch said the ratings reflect the operational and financial flexibility and strong free cash flow profile that result from Wal-Mart’s substantial scale and dominant market position in North America.

The company generated $481 billion of sales in 2016 (year ended Jan. 31, 2017) and is maintaining market share in nearly all categories despite its large size and increased competition from alternative discount and online-only players, due to its price leadership and investments in its business.

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