Standard&Poor?s now adjusts a portion of AutoZone?s payables (and other auto parts retailers) as debt given the long length of payable days, which we view as beyond customary. We are affirming all ratings on the company, but we are revising our financial risk profile assessment to "significant" from "intermediate". The outlook remains stable, as we expect the company to have steady profit growth and stable credit metrics. NEW YORK (Standard&Poor's) May 14, 2014--Standard&Poor's Ratings Services today affirmed all ratings on Memphis-based AutoZone Inc., including the 'BBB' corporate credit rating. The outlook is stable. "The affirmation comes subsequent to our review after adjusting the company?s debt by a portion of its accounts payable that we
