TORONTO (Standard&Poor's) July 16, 2002--Standard&Poor's today said it affirmed its ratings on retailer Canadian Tire Corp. Ltd., including the triple-'B'-plus long-term corporate credit and senior unsecured debt ratings. The outlook is stable. The ratings reflect the Toronto, Ont.-based company's leading position in Canadian hard-goods retailing, a credit card operation that is a significant contributor to operating income, and resilient earnings in the context of a very difficult economic and competitive environment. "The ratings also take into account Canadian Tire's improving credit protection measures and substantial liquidity in light of recent asset monetizations," said Standard&Poor's credit analyst Don Povilaitis. These factors are offset by profitability that remains quite low for the rating category, leverage that
