Standard&Poor's Ratings Services derives its 'AA' corporate credit rating on Wal-Mart Stores Inc. from: Our anchor of 'aa', based on our "excellent" business risk and "modest" financial risk profile assessments for the company. Modifiers, which did not have an impact on the rating outcome. Dominant market position; Substantial economies of scale; Strong consumer franchise; Pricing pressure in the grocery segment; and Serious allegations regarding overseas bribery, which are being investigated. Commitment to maintaining its current debt leverage target; Strong free cash flow generation; and Substantial share repurchase program and dividend payout, which consumes most of its free cash flow. We based the stable rating outlook on Wal-Mart Stores Inc. on our expectation that the company can sustain current
