Fitch rates Walmart notes AA

Fitch Ratings said it assigned an AA rating to Walmart, Inc.'s proposed senior unsecured notes issuance of up to $5 billion.

Proceeds will be used for general corporate purposes.

Walmart's AA/stable ratings reflect its dominant global retail market share position, with $611 billion of revenue in 2022, positive comparable store sales (comps), substantial cash flow, and consistent financial strategy, which has resulted in stable adjusted debt/EBITDAR leverage around 2x, Fitch said.

“Fitch projects organic annual revenue growth in the low-single-digit range with commensurate EBITDA growth over time, although near term results will be volatile due to post-pandemic consumer behavior changes and some macroeconomic uncertainty,” the agency said in a news release.

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