COLUMBIA (S&P Global Ratings) Oct. 19, 2023--S&P Global Ratings today assigned its 'BBB' issue-level rating to Memphis, Tenn.-based AutoZone Inc.'s proposed senior unsecured notes. The company will use the proceeds from these notes to repay its outstanding commercial paper borrowings and for general corporate purposes, which could include share repurchases. Our 'BBB' long-term issuer credit rating and stable outlook on AutoZone are unchanged. The company holds a leading position in the aftermarket auto parts sector, supported by its strong engagement with do-it-yourself (DIY) customers and expanding share in the do-it-for-me (DIFM) segment. AutoZone is the industry leader in the DIY segment (approximately 70% of sales), supported by its expanding store base and consistent value proposition. Moreover, the company has maintained
