Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research AutoZone Inc.

AutoZone Inc. Downgraded To 'BBB' After Expanded Share Repurchase Program Announced

Published Jun 26, 2008

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About This Report

Abstract:

CHICAGO (Standard&Poor's) June 26, 2008--Standard&Poor's Ratings Services said today it lowered the corporate credit rating on Memphis, Tenn.-based AutoZone Inc. to 'BBB' from 'BBB+', following the company's announcement that it will expand its share repurchase program and increase leverage to at least 2.5x (adjusted debt/EBITDAR calculated by AutoZone using 6x annual rents). This action reflects the company's more aggressive financial policy. At the same time, we are affirming the company's 'A-2' short-term and commercial paper (CP) ratings. The outlook is stable.

Report Type:

Ratings Action

Ticker

AZO

Issuer

AutoZone Inc.

GICS

Automotive Retail (25504050)

Sector

Automotive , Commercial MBS , Corporations , Global Issuers , Structured Finance

Country

United States

Region

United States

Format:

HTML

AutoZone Inc. Senior Debt Assigned 'BBB' Rating; Subordinated Debt Rated 'BBB-' – 2008/07/30 – US$ 150.00

AutoZone Inc. – 2008/12/16 – US$ 500.00

Summary: AutoZone Inc. – 2008/12/17 – US$ 225.00

AutoZone Inc. New Unsecured Notes Rated 'BBB' – 2009/06/30 – US$ 150.00

Research Update: AutoZone Inc. New Unsecured Notes Rated 'BBB' – 2009/06/30 – US$ 225.00

Research Update: AutoZone Inc. Corporate Credit Rating Cut To 'BBB' After Expanded Share Repurchases Announced – 2008/06/26 – US$ 225.00

Summary: AutoZone Inc. – 2008/06/17 – US$ 225.00

AutoZone Inc. Outlook Revised To Negative; 'BBB+' Corporate Credit Rating Affirmed – 2007/12/05 – US$ 150.00

Research Update: AutoZone Inc. 'BBB+' Corporate Credit Rating Affirmed; Outlook Revised To Negative – 2007/12/05 – US$ 225.00

Summary: AutoZone Inc. – 2007/11/28 – US$ 225.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "AutoZone Inc. Downgraded To 'BBB' After Expanded Share Repurchase Program Announced" Jun 26, 2008. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/AutoZone-Inc-Downgraded-To-BBB-After-Expanded-Share-Repurchase-Program-Announced-656456>

APA:	S&P Global Ratings’ Credit Research. (). AutoZone Inc. Downgraded To 'BBB' After Expanded Share Repurchase Program Announced Jun 26, 2008. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/AutoZone-Inc-Downgraded-To-BBB-After-Expanded-Share-Repurchase-Program-Announced-656456>

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