Fitch rates Nordstrom notes A-

Fitch Ratings said it assigned a rating of A- to Nordstrom, Inc.'s issue of $400 million 30-year senior unsecured notes.

The new notes are expected to be used to refinance the $400 million 6.75% notes due June 1, 2014.

The company has a long-term issuer default rating of A-, $800 million bank credit facility rating of A-, senior unsecured notes rating of A-, short-term issuer default rating of F2 and commercial-paper rating of F2.

The company intends to issue up to a maximum of $300 million of additional notes in connection with an exchange offer for its $350 million 7% notes due 2038, Fitch said.

The ratings reflect the company's position as a market share consolidator in the department store sector, differentiated merchandise at sharp price points and a high level of customer service, which allows for strong customer loyalty and high operating margins relative to its industry peers, the agency said.

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