We expect Toronto-based Canadian retailer Canadian Tire Corp. Ltd. (CTC) will improve leverage to below 2.75x by year-end 2020. As a result, on Jan. 30, 2020, S&P Global Ratings affirmed its ratings on CTC, including its 'BBB+' issuer credit rating on the company. The stable outlook signals our expectation that CTC will exhibit increased 2020 EBITDA, reflecting the growth of private-label brands with differentiated offerings and integration of recent acquisitions, as well as a simultaneous focus on operating efficiency. CTC's debt-to-EBITDA (on an S&P Global Ratings' adjusted basis) has been above our downside threshold since the Helly Hansen acquisition in third-quarter 2018. The combination of the C$1 billion acquisition, two quarters of unseasonable weather, and a focus on CTC's omni-channel
