Walmart Inc.'s Proposed Senior Unsecured Notes Rated 'AA'

NEW YORK (S&P Global Ratings) Sept. 6, 2022--S&P Global Ratings today assigned its 'AA' issue-level rating to Bentonville, Ark.-based big box retailer Walmart Inc.'s proposed senior unsecured notes. Walmart is targeting a U.S. dollar benchmark offering across four tranches, and plans to use the proceeds for general corporate purposes, which may include repayment, refinancing, or replacement of maturing debt, among other uses. Our 'AA' long-term issuer credit rating and stable outlook on Walmart are unchanged, despite a volatile and challenging operating environment for retailers (including them) in 2022. The stable outlook reflects recent good earnings offsetting performance pressure earlier in the year, including U.S. comparable sales growing 6.5%, including mid-teens in food, and e-commerce up 12% for the quarter ending

...September 6, 2022 NEW YORK (S&P Global Ratings) Sept. 6, 2022--S&P Global Ratings today assigned its '##' issue-level rating to Bentonville, Ark.-based big box retailer Walmart Inc.'s proposed senior unsecured notes. Walmart is targeting a U.S. dollar benchmark offering across four tranches, and plans to use the proceeds for general corporate purposes, which may include repayment, refinancing, or replacement of maturing debt, among other uses. Our '##' long-term issuer credit rating and stable outlook on Walmart are unchanged, despite a volatile and challenging operating environment for retailers (including them) in 2022. The stable outlook reflects recent good earnings offsetting performance pressure earlier in the year, including U.S. comparable sales growing 6.5%, including mid-teens in food, and e-commerce up 12% for the quarter ending July 29, 2022. We note S&P Global Ratings-adjusted last-12-month leverage ratio through the second quarter was about 1.5x, with our downside trigger...

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