MELBOURNE (S&P Global Ratings) Dec. 28, 2016--S&P Global Ratings today said that its ratings on Woolworths Ltd. (BBB/Stable/A-2) are not affected by the group's proposed sale of its fuel convenience sites to BP for a consideration of A$1,785 million. We had anticipated that Woolworths would sell its noncore assets to bolster the company's credit metrics. These asset sales are in line with the group's commitment to maintaining a solid investment-grade rating. We expect the company to use the sale proceeds to repay its debt and reinvest in the core businesses. The earnings loss from its fuel business is about A$118 million, representing about 4.6% of Woolworths' 2016 EBIT from continuing operations (before significant items). From calendar 2018, the receipt of
