Standard&Poor's said today that Wal-Mart Stores Inc.'s (AA/Stable/A-1+) agreement to acquire a strategic stake in Japanese retailer The Seiyu Ltd. has no impact on the company's credit rating or outlook. This move is a first step for Wal-Mart to enter the difficult but potentially high-growth Japanese retail market. A growing international presence is key to Wal-Mart's growth strategy as it continues to expand its operations in new and existing markets. Wal-Mart plans to make an initial $46 million investment for 6.1% of Seiyu's stock, with options to acquire up to a 33.4% stake by the end of 2002, and up to a 66.7% stake by the end of 2007, for a total potential investment of $2 billion. Seiyu
