On Dec. 9, 2002, Standard&Poor's Ratings Services assigned its 'BBB+' senior unsecured debt rating to retailer Canadian Tire Corp. Ltd.'s (Canadian Tire) C$750 million medium-term note program. At the same time, the ratings outstanding on the Toronto, Ont.-based company, including the 'BBB+' long-term corporate credit rating, were affirmed. The outlook is stable. The ratings on Canadian Tire reflect its leading position in Canadian hard-goods retailing; a credit card operation that is a significant contributor to operating income; resilient earnings in the context of a difficult economic and competitive environment; and improving credit protection measures and substantial liquidity in light of recent asset monetizations. These factors are offset by profitability that remains quite low for the rating category, leverage
