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Fitch: AutoZone notes BBB
Fitch Ratings said it has assigned a rating of BBB to AutoZone, Inc.'s $300 million of 2.875% senior unsecured notes due January 2023.
The outlook is stable.
The proceeds will be used towards refinancing the $300 million of 5.875% senior unsecured notes due October 2012, the agency said, noting that AutoZone had $3.9 billion of debt outstanding at Aug. 25.
The rating reflects AutoZone's leading position in the retail auto parts and accessories aftermarket and its solid operating performance and credit metrics. The ratings also consider the company's aggressive share repurchase posture, Fitch added.
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