Dominant market position; Substantial economies of scale; and Strong consumer franchise. Participates in the highly competitive industry; Pricing pressure in the grocery segment; and Serious allegations regarding bribery, which are being investigated. We based the stable rating outlook on Wal-Mart Stores Inc. on our expectation that the company can sustain current levels of financial and operating strength while continuing to expand domestic and international operations. We do not expect the company to diversify beyond food and general merchandise retailing or change its relatively conservative financial policies. Under this scenario, any adverse outcome of the alleged bribery would be well within the company's financial capabilities and not disruptive to management. Under this scenario, we believe there could be serious ramifications from
