Fitch Rates Lowe's $1.3B Sr. Unsecured Notes 'A+'; Outlook Stable

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