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

AutoZone Inc. Senior Debt Assigned 'BBB' Rating; Subordinated Debt Rated 'BBB-'

Published Jul 30, 2008

567 words — Published Jul 30, 2008

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Abstract:

CHICAGO (Standard&Poor's) July 30, 2008--Standard&Poor's Ratings Services said today it assigned its preliminary 'BBB' and 'BBB-' ratings to AutoZone Inc.'s senior debt and subordinated debt securities, respectively, filed under Rule 415. The company immediately drew down $750 million of notes from this shelf, including $500 million 6.5% senior unsecured notes due 2014 and $250 million 7.125% senior unsecured notes due 2018. Both issues are rated 'BBB'. The company's 'BBB' corporate credit rating remains unchanged. Memphis, Tenn.-based AutoZone will use proceeds from the note issuances for share repurchase and debt refinancing. This is consistent with AutoZone's June 2008 announcement that it will expand its share repurchase program and increase leverage to at least 2.5x (adjusted debt/EBITDAR calculated

Brief Excerpt:

RESEARCH AutoZone Inc. Senior Debt Assigned '###' Rating; Subordinated Debt Rated '###-' Publication date: 30-Jul-2008 Primary Credit Analyst: Jerry Phelan, Chicago (1) 312-233-7031; gerald_phelan@standardandpoors.com CHICAGO (Standard...

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. – 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

AutoZone Inc. – 2009/06/30 – US$ 500.00

AutoZone Inc. Downgraded To 'BBB' After Expanded Share Repurchase Program Announced – 2008/06/26 – US$ 150.00

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

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MLA:	S&P Global Ratings’ Credit Research. "AutoZone Inc. Senior Debt Assigned 'BBB' Rating; Subordinated Debt Rated 'BBB-'" Jul 30, 2008. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/AutoZone-Inc-Senior-Debt-Assigned-BBB-Rating-Subordinated-Debt-Rated-BBB-662473>

APA:	S&P Global Ratings’ Credit Research. (). AutoZone Inc. Senior Debt Assigned 'BBB' Rating; Subordinated Debt Rated 'BBB-' Jul 30, 2008. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/AutoZone-Inc-Senior-Debt-Assigned-BBB-Rating-Subordinated-Debt-Rated-BBB-662473>

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