...NEW YORK (S&P Global Ratings) Oct. 11, 2017--S&P Global Ratings today assigned its '##' issue-level rating to Bentonville, Ar.-based Wal-Mart Stores Inc.'s proposed multi-tranche senior unsecured note offering. We expect the company will use the proceeds to partially fund its previously announced tender offer of up to $8.5 billion of certain tranches of existing senior unsecured notes for interest cost savings. We estimate that pro forma for the proposed issuance and debt repayment, leverage will remain largely unchanged and interest expense should improve modestly. Our ratings on Wal-Mart, including the '##' corporate credit rating and stable outlook, are unchanged. The rating reflects the company's very strong competitive position in the retail sector, underpinned by its leading everyday low pricing value proposition, dominant global size, and highly efficient supply chain. We expect Wal-Mart will continue to shift its capital spending towards store remodels and ongoing investments in...
