Fitch: No Impact on Wal-Mart's Ratings from Possible Acquisition

Fitch Ratings does not anticipate any rating implications for Wal-Mart Stores, Inc. WMT should it be successful in acquiring South African retailer Massmart Holdings Limited. Walmart announced today that it has made a preliminary, non-binding proposal which, if successful, could lead to Walmart making a cash offer to acquire Massmart for ZAR148 per share, or around $4.3 billion. Massmart is the leading general merchandise retailer in Africa, with 290 stores in 13 countries. Fitch rates Walmart as follows: --Long-term Issuer Default Rating (IDR) at 'AA'; --Bank credit facility at 'AA'; --Senior notes at 'AA'; --Short-term IDR at 'F1+'; --Commercial paper at 'F1+'. The Rating Outlook is Stable. Walmart had approximately $49 billion of debt outstanding as of July 31, 2010.