NEW YORK (Standard&Poor's CreditWire) Sept. 20, 1999--Standard&Poor's today revised its outlook on AutoZone Inc. to negative from stable. At the same time, Standard&Poor's affirmed its single-'A'-minus long-term corporate credit, senior unsecured debt, and bank loan ratings on AutoZone, as well as its 'A-2' short-term corporate credit and commercial paper ratings on the company. The outlook revision reflects a more aggressive capital structure as the company has nearly completed the repurchase of $400 million of its common stock since January 1998. Standard&Poor's believes that leverage will increase further as a result of the new $200 million share repurchase plan announced on Sept. 17, 1999. The ratings are based on AutoZone's leading market position,
