Walmart Inc.: Rating Report

On April 21, 2021, DBRS Limited (DBRS Morningstar) confirmed Walmart Inc.'s (Walmart or the Company) Issuer Rating and Senior Unsecured Debt rating at AA. All trends remain Stable. While DBRS Morningstar acknowledges Walmart's stronger-than-expected operating results for the fiscal year ended January 31, 2021, because of unprecedented demand surge stemming from the Coronavirus Disease (COVID-19) pandemic, the rating confirmations and Stable trends reflect DBRS Morningstar's view that the Company's operating results should moderate as the global rollout of coronavirus vaccines gains traction and the economy reopens.