Discount retailer Dollar Tree Inc. has established a $1.5 billion commercial paper (CP) program. We assigned our 'A-2' short-term issuer credit rating to Dollar Tree and our 'A-2' short-term issue-level rating to its CP program. Our 'BBB' long-term issuer credit rating and stable outlook on the company are unchanged. The stable outlook incorporates our expectation that Dollar Tree will maintain stable leverage in the coming two years as it controls costs and pursues a more measured store-growth strategy. We also expect store renovations, improvements in the Family Dollar business, and a strong management team will help drive sales gains. Issuer credit rating: BBB/Stable/A-2 Business risk: Satisfactory Country risk: Very low Industry risk: Intermediate Competitive position: Satisfactory Financial risk: Intermediate Cash
