Bulletin: AutoZone Inc.'s Issuance Of $500 Million Credit Facility Has No Impact On Ratings

NEW YORK (Standard&Poor's) Jan. 8, 2015--Standard&Poor's Ratings Services today said its ratings on Memphis, Tenn.-based AutoZone Inc. are unaffected by the company's recent issuance of a 364-day $500 million revolving credit facility. We expect the company to use proceeds under the revolver to reduce commercial paper borrowings, and therefore our liquidity assessment remains "strong" and the short term rating remains 'A-2'. We expect AutoZone to use borrowings under the new credit facility or CP borrowings to refinance its 5.75% $500 million senior notes that mature on Jan. 15, 2015. Our 'BBB' corporate credit rating and stable outlook on AutoZone reflects company's leading position in the retail auto parts market in the U.S. along with a strong

...NEW YORK (Standard & Poor's) Jan. 8, 2015--Standard & Poor's Ratings Services today said its ratings on Memphis, Tenn.-based AutoZone Inc. are unaffected by the company's recent issuance of a 364-day $500 million revolving credit facility. We expect the company to use proceeds under the revolver to reduce commercial paper borrowings, and therefore our liquidity assessment remains "strong" and the short term rating remains 'A-2'. We expect AutoZone to use borrowings under the new credit facility or CP borrowings to refinance its 5.75% $500 million senior notes that mature on Jan. 15, 2015. Our '###' corporate credit rating and stable outlook on AutoZone reflects company's leading position in the retail auto parts market in the U.S. along with a strong position in the commercial auto parts distribution business. We expect the company will continue to generate healthy sales growth and cash flow stability from positive same store sales over the near to intermediate term. We do not expect any...

Bulletin