Target issues $1 billion of senior unsecured notes

New York Target Corp. issued on Tuesday $1 billion worth of senior unsecured notes offering due in 2020, which Fitch Ratings agency assigned a rating of "A."

Target will use the proceeds from the offering for general corporate purposes, Fitch said.

As of May 1, Target had $15.7 billion in corporate debt outstanding, including $4.2 billion of nonrecourse debt. The rating reflects Target's disciplined execution of its business strategy as well as strong inventory management and cost control efforts, which have helped to improve the company's operating results and credit metrics in the last 12 months ended May 1.