Fitch Affirms Costco's IDR at 'A+'; Outlook Stable

Fitch Ratings has affirmed Costco Wholesale Corporation's (Costco) Issuer Default Rating (IDR) at 'A+'. Costco had $5.2 billion of debt outstanding at Sept. 1, 2013. The Rating Outlook is Stable. A full list of rating actions follows at the end of this press release. KEY RATING DRIVERS The affirmation reflects Costco's strong competitive position, solid operating performance, and ample free cash flow and liquidity. Costco benefits from a focused merchandising strategy, with only 3,700 fast-turning products per warehouse and limited pricing mark-ups, resulting in a loyal customer base and highly productive warehouses that generate, on average, more than $160 million in revenues annually. High frequency categories account for a