TORONTO (Standard&Poor's) May 13, 2013--Standard&Poor's Ratings Services today said that Canadian Tire Corp. Ltd.'s (BBB+/Stable/--) announcement that it would create a real estate investment trust (REIT) to hold a majority of its real estate would not affect the ratings or outlook on the company. We believe that the current ratings would be supported by Canadian Tire's ownership and control of the REIT, as well as the enhanced financial flexibility from the potential monetization of the REIT's capital structure that would be offset by only modestly lower consolidated cash flows for REIT costs and distributions. Although Canadian Tire's ownership percentage could decline over time, we expect that the company would retain effective control over the REIT and
