Summary: AutoZone Inc. Jun 11

Standard & Poors, June 2011

Abstract
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 aftermarket industry and consistent operating performance. These strengths are somewhat tempered by the company's intermediate financial risk profile, which is largely a result of management's aggressive share repurchase activity, industry sensitivity to fuel cost increases, and historically weak Do-It-Yourself (DIY) organic growth, which could re-emerge over time. AutoZone, with over 4,725 stores existing primarily in the U.S., is the...

Companies mentioned in this report are: AutoZone Inc.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

AutoZone Inc.

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