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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 This material may not be published, broadcast, rewritten or redistributed.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 73 114 11,552
MORTGAGES 100 142 15,121
FORECLOSURE NOTICES 47 47 2,958
BUILDING PERMITS 198 392 27,646
BANKRUPTCIES 60 128 11,090
BUSINESS LICENSES 19 37 4,075
UTILITY CONNECTIONS 120 323 16,809
MARRIAGE LICENSES 21 43 3,507

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