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AutoZone Inc. Jun 11
Standard & Poors, June 2011
Abstract
Leading position in retail auto parts aftermarket; Large, diverse store footprint and efficient distribution infrastructure; Strong and stable cash flow generation; and Strong operating margins compared with industry peers. Substantial share repurchases activity; Demand sensitivity to fuel price changes; and Historically weak or negative organic growth in the Do-It-Yourself (DIY) segment of the industry, which could reemerge over time. Standard & Poor's Ratings Services' ratings on Memphis, Tenn.-based AutoZone Inc. reflect our view that the company's profitability will remain strong and credit measures will remain near current levels, even under a scenario of modestly weaker industry demand. In our opinion, the company's satisfactory business risk profile reflects its solid position in the generally stable but highly competitive retail automotive parts...
Companies mentioned in this report are: AutoZone Inc.
Action: Review
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
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