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VOL. 127 | NO. 145 | Thursday, July 26, 2012

Moody's Boosts Outlook for AutoZone to ‘Positive’

AP

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NEW YORK (AP) – Moody's Investors Service on Wednesday boosted its outlook for AutoZone Inc. to "positive" from "stable," citing the auto parts retailer's stable finances and improving profitability.

The raised outlook means that Moody's could chose to raise the Memphis, Tenn.-based company's credit ratings if its finances continue to improve. Moody's affirmed its "Baa2" senior unsecured and "Prime-2" commercial paper ratings for the company. The ratings are on the lower end of investment grade.

The credit rating agency said the outlook change reflects AutoZone's growing profitability and the strength of its private Duralast brand of parts and accessories.

In addition, the average age of the typical vehicle on U.S. roads is increasing and Americans are driving more miles, both of which should prompt increased spending at AutoZone stores, Moody's said.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 70 224 13,880
MORTGAGES 105 298 18,124
FORECLOSURE NOTICES 16 55 3,560
BUILDING PERMITS 0 430 32,733
BANKRUPTCIES 81 211 13,214
BUSINESS LICENSES 23 68 4,773
UTILITY CONNECTIONS 103 307 20,206
MARRIAGE LICENSES 39 72 4,269

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