...NEW YORK (S&P Global Ratings) June 20, 2018--S&P Global Ratings today assigned its '##' issue-level rating to big-box discounter Walmart Inc.'s proposed nine-part senior unsecured notes due 2020 to 2048. The notes will rank equally with the company's other senior unsecured debt. All of our existing ratings on Walmart, including the '##' corporate credit rating and negative outlook, are unchanged. We revised the outlook on the company to negative from stable on May 9, 2018, following its announced purchase of Indian e-commerce business Flipkart for about $16 billion. As a result of the acquisition, we expect debt leverage for the coming fiscal year at about 2x, up from the mid-1x range we previously projected. The issuance today includes both floating- and fixed-rate senior unsecured notes, and will partially be used to refinance maturing debt. The company says it also intends to use a portion of net sale proceeds to fund a portion of the Flipkart purchase price, though the offering is not...
