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Advance Auto Parts Inc.
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Operates in the stable, albeit historically low-growth, retail auto parts industry; Satisfactory position in higher growth commercial delivery segment; and Stable and predictable operating cash flow. Highly competitive and fragmented industry; and Sensitivity to fuel price changes. The ratings on Advance Auto Parts Inc. and its primary operating subsidiary, Advance Stores Co. Inc., reflect Standard & Poor's Ratings Services view that the company's stable cash flow should enable it to manage credit measures at least consistent with its maximum target levels despite the potential for slowing demand partly due to higher fuel costs. Our view that Advance Auto's business risk profile is satisfactory reflects its No. 2 position in the historically stable retail auto parts industry--especially its participation in the...
Companies mentioned in this report are: Advance Auto Parts Inc.,Advance Stores Co. Inc.
Action: Review
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