NEW YORK (Standard&Poor's CreditWire) Dec. 10, 1999--Standard&Poor's today placed its single-'A'-minus long-term corporate credit, senior unsecured debt, and bank loan ratings on AutoZone Inc. on CreditWatch with negative implications. The company's preliminary single-'A'-minus senior unsecured debt and preliminary triple-'B'-plus subordinated debt ratings on its Rule 415 shelf registration also were placed on CreditWatch with negative implications. At the same time, Standard&Poor's affirmed its 'A-2' short-term corporate credit and commercial paper ratings on the company. These ratings are not on CreditWatch. The CreditWatch listing reflects Standard&Poor's concern that AutoZone will operate under a more aggressive financial policy, including higher debt levels and greater share repurchase activity. Yesterday's announced $200 million share repurchase program
