Friday, October 8, 2010
Advance's Credit Upgraded to Investment Grade
Roanoke-based Advance Auto Parts, one of the country’s largest automotive aftermarket retailers of parts, batteries, accessories, and maintenance items, reported today its corporate credit rating has been upgraded to investment-grade (Baa3) status by Moody’s.
In April 2010, Advance Auto Parts was also upgraded to investment grade status (BBB-) by Standard & Poor’s. The company has now achieved full investment grade status.
“We are proud of our upgrade to investment grade status by Moody’s, which builds on our consistent operational performance, strong operating cash flow and solid financial metrics. This upgrade combined with the earlier upgrade by Standard and Poor’s marks a historic milestone for Advance Auto Parts as the Company has achieved full investment grade status,” said Michael A. Norona, executive VP and Chief Financial Officer.
“I would like to thank all of our team members for their contributions toward this achievement. Their efforts combined with our financial progress and strong returns provide us with a solid financial foundation to continue our growth.”
The company has 3,497 stores in 39 states, Puerto Rico, and the Virgin Islands.