S&P affirms all its rating on AutoZone (AZO -0.9%) and keeps a Stable outlook on the company.
Though the ratings agency concludes the auto parts retailer is a bit more leveraged with older account payable drifting into a classification of debt, it also thinks steady sales growth and cash flow support a credit rating of BBB.
The harsh winter weather appears to have created a pickup in demand at auto parts retailers and service centers.
Sector movers: Pep Boys (PEP) +4.2%, AutoZone (AZO) +5.2%, U.S. Auto Parts (PRTS) +1.2%, LKQ Corporation (LKQ) +3.2%, Genuine Parts (GPC) +3.0%, Monro Muffler (MNRO) +2.7%, Lithia Motors (LAD) +3.8%, Sonic Automotive (SAH) +2.0%.
AutoZone Inc is a retailer and distributor of automotive replacement parts and accessories in the United States. The Company operates stores which carries an extensive product line for cars, sport utility vehicles, vans and light trucks and among others.