TORONTO (Standard&Poor's) Dec. 5, 2008--Standard&Poor's Ratings Services today said that its ratings on Toronto-based grocery retailer Loblaw Companies Ltd. (BBB/Negative/--) are unaffected by the announced discussions between Dunedin Holdings SARL, a subsidiary of Loblaw's majority-owner George Weston Ltd. (BBB/Watch Neg/--), and Grupo Bimbo S.A.B de C.V. (BBB+/Watch Neg/--) regarding the possible divestment of George Weston's U.S. fresh bread and baked goods business. The ratings on Loblaw could be pressured if George Weston uses the proceeds from the bakery divestment to privatize Loblaw, as some market participants speculate. In assessing the impact of such a scenario, Standard&Poor's would examine how it would influence the consolidated debt leverage and corresponding credit protection measures, financial policies, and
