Dominant market position; Substantial economies of scale; and Strong franchise. Participation in highly competitive industry; Pricing pressure in the grocery segment; and Serious allegations regarding bribery. .The rating on Bentonville, Ark.-based retailer Wal-Mart Stores Inc. reflects its "excellent" business risk profile and "minimal" financial risk. While Standard&Poor's Ratings Services' criteria may indicate a higher rating, we note below our concerns over risk management and corporate governance. The business risk assessment is founded on our expectation that its operating performance will remain strong based on significant competitive advantages in terms of its strong market positions in general merchandise and groceries, large scale and highly efficient operations. With $447 billion in revenues from more than 10,000 stores across the globe,
