MELBOURNE (Standard&Poor's) Feb. 29, 2016--Standard&Poor's Ratings Services said today that Woolworths Ltd.'s loss after tax of A$973 million for the first half ended Dec. 31, 2015, would have no immediate impact on the 'BBB+' rating or negative outlook on the group. The results included A$1.9 billion of impairments and other costs associated with the proposed exit from the home improvement business. The announcement also included the appointment of the new group CEO, Brad Banducci, which we consider a critical step toward reinvigorating staff morale at the company. The 29% fall in underlying EBIT for the first half was broadly in line with our expectations and previous guidance from the company. Woolworths did, however, advise that comparative
