Fitch Rates Lowe's $1.3B Sr. Unsecured Notes 'A+'; Outlook Stable
CHICAGO--(BUSINESS WIRE)--
Fitch Ratings has assigned ratings of 'A+' to Lowe's Companies,
Inc. (Lowe's) (NYSE:LOW) new 5.6% $550 million senior unsecured notes
due Sept. 15, 2012, 6.1% $250 million senior unsecured notes due Sept.
15, 2017 and 6.65% $500 million senior unsecured notes due Sept. 15,
2037. The proceeds from the issues will be used for general corporate
purposes and share repurchases. The Rating Outlook is Stable.
The ratings reflect Lowe's position as the second largest home
improvement retailer in the U.S. with 1,424 stores in 49 states, as
well as customer-friendly store and merchandising strategies that have
enabled the company to successfully capture market share away from its
competitors and solid credit metrics. The ratings also consider Lowe's
softening sales trends and aggressive store expansion program as well
as the possibility of continued weakness in the housing market in the
medium term.
For further details, please see our credit update report dated
August 31, 2007 available on the Fitch Ratings web site
www.fitchratings.com.
Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.
Source: Fitch Ratings