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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 This material may not be published, broadcast, rewritten or redistributed.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 67 67 10,289
MORTGAGES 107 107 13,434
FORECLOSURE NOTICES 24 24 2,668
BUILDING PERMITS 393 393 24,700
BANKRUPTCIES 60 60 9,952
BUSINESS LICENSES 16 16 3,752
UTILITY CONNECTIONS 149 149 14,706
MARRIAGE LICENSES 31 31 3,198

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