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Moody’s assigns Aa2 to Walmart debt
Moody's Investors Service said it assigned Aa2 ratings to Walmart Inc.'s new multi-tranche senior unsecured debt issuance.
Other ratings are unaffected, as is the stable outlook.
"Proceeds from this new debt issuance will be largely utilized to fund Walmart's approximately $16 billion investment in Indian online retailer Flipkart, with any excess proceeds utilized to manage future maturities and potential tenders," Moody's vice president Charlie O'Shea said in a news release.
“"We continue with our view that Flipkart represents a significant opportunity for Walmart as it recalibrates its international strategy to focus on growth markets despite the likelihood of potentially several years of operating losses as Flipkart scales.
"Walmart's historically flexible financial policy is advantageous as the company has managed shareholder returns to ensure a solid quantitative profile, and we expect this pattern to continue going forward."
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