A leading position in the retail automobile parts aftermarket Consistent operating performance An aggressive share repurchase program, which has affected certain credit protection measures The ratings on Memphis, Tenn.-based AutoZone Inc. reflect the company's leading position in the stable, but highly competitive, retail automobile parts aftermarket; consistent operating performance; and strong profitability measures. These strengths are somewhat tempered by aggressive share repurchase activity. AutoZone is the largest retailer of automotive parts in the U.S., with more than 3,300 stores in 48 states and Mexico. Although consolidation in the industry has resulted in five players maintaining significant market share, AutoZone remains the largest and most geographically diverse in the U.S. This allows the company to take advantage of economies of scale
