TORONTO (Standard&Poor's) Jan. 28, 2004--Standard&Poor's Ratings Services today said it assigned its 'A' senior unsecured debt rating to Loblaw Companies Ltd.'s C$200 million 6.15% MTN issue due January 2035. Proceeds from the notes will be used to prefund an existing C$100 million maturity due later in 2004 and for general corporate purposes. At the same time, the 'A' long-term corporate credit and senior unsecured debt ratings were affirmed. The outlook is stable. The ratings reflect Loblaw's leading Canadian market position, consistent strength in financial results, a high-quality store portfolio that has benefited from a very aggressive capital program, and a powerful controlled label program. These factors are offset by leverage that is high for the current
