Standard&Poor's Ratings Services said today that Wal-Mart Stores Inc.'s (AA/Stable/A-1+) reported potential all-cash offer to acquire Safeway PLC (BBB+/Watch Pos/A-2) would have no impact on Wal-Mart's rating or outlook, assuming the offer was in the range of the current bid of Wm. Morrison Supermarkets PLC of over $7 billion, including lease-adjusted debt. The potential acquisition would have only a modest negative impact on debt protection measures, and would still be comfortably within the range appropriate for the rating. The potential acquisition of Safeway would add significantly to Wal-Mart's presence in supermarket retailing in the U.K., where the company operates the ASDA chain. Wal-Mart would move to roughly a parity position with the current leader, Tesco PLC (A+/Stable/A-1) from
