The retail auto parts industry is benefitting from strong demand as consumers defer new vehicle purchases in favor of maintaining existing vehicles. We expect AutoZone's generally strong and stable cash flows to be used for continued investment in business and share repurchase activity. Standard&Poor's assigned its 'BBB' issue rating to AutoZone's new $500 million 5.75% senior notes due January 2015. The stable outlook reflects satisfactory business risk, particularly the company's good market position and operating efficiency; positive industry conditions, which should continue for at least the near term; and stability of cash flows. On June 30, 2009, Standard&Poor's Ratings Services assigned its 'BBB' issue rating to Memphis, Tenn.-based AutoZone Inc.'s $500 million 5.75% senior unsecured notes
