AutoZone Inc.'s Proposed Senior Unsecured Notes Rated 'BBB'

COLUMBIA (S&P Global Ratings) April 10, 2025--S&P Global Ratings today assigned its 'BBB' issue-level rating to Memphis, Tenn.-based AutoZone Inc.'s proposed senior unsecured notes. The company plans to use the proceeds from these notes primarily for general corporate purposes, including to repay its $400 million and $500 million notes maturing April 15, 2025. For the quarter ended Feb. 15, 2025, AutoZone reported $9.1 billion of funded debt, including approximately $600 million of commercial paper. Our 'BBB' long-term issuer credit rating and stable outlook on the company are unchanged. AutoZone's performance in the first half of fiscal year 2025 (ending Aug. 30, 2025) was in line with our expectations, including an approximately 2% year-over-year increase in its revenue (to $8.2 billion)

...April 10, 2025 COLUMBIA (S&P Global Ratings) April 10, 2025--S&P Global Ratings today assigned its '###' issue-level rating to Memphis, Tenn.-based AutoZone Inc.'s proposed senior unsecured notes. The company plans to use the proceeds from these notes primarily for general corporate purposes, including to repay its $400 million and $500 million notes maturing April 15, 2025. For the quarter ended Feb. 15, 2025, AutoZone reported $9.1 billion of funded debt, including approximately $600 million of commercial paper. Our '###' long-term issuer credit rating and stable outlook on the company are unchanged. AutoZone's performance in the first half of fiscal year 2025 (ending Aug. 30, 2025) was in line with our expectations, including an approximately 2% year-over-year increase in its revenue (to $8.2 billion) supported by an expansion in its commercial segment. While the company's domestic do-it-yourself (DIY) sales remained relatively flat due to some deferred maintenance spending and a slowing...

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