TORONTO (Standard&Poor's) Oct. 28, 2013--Standard&Poor's Ratings Services today said that its ratings and outlook on Canadian Tire Corp. Ltd. (BBB+/Stable/A-1(LOW)) and its subsidiary, CT Real Estate Investment Trust (CT REIT; BBB+/Stable/--), are unaffected by the closing of the REIT's initial public offering. We believe that Canadian Tire's creation of a REIT supports the ratings by enhancing the company's financial flexibility from the potential monetization of the REIT's capital structure, while preserving its continued ownership and control of these core assets. The ratings on both Canadian Tire and CT REIT incorporate our expectation that parent Canadian Tire will retain effective control over the REIT and the real estate that we view as integral to its retail operations.
