We are affirming our ratings, including our 'BBB+' long-term corporate credit rating, on Canadian Tire Corp. Ltd. We are also revising our financial risk profile on the company to "modest" from "intermediate," reflecting our base-case expectation that adjusted debt-to-EBITDA will be below 2x through 2017. The stable outlook on Canadian Tire reflects our expectation that the company's steady operating performance in 2015 and low adjusted net debt levels will enable it to generate debt to EBITDA below 2x, which would be strong for the ratings. On May 4, 2015, Standard&Poor's Ratings Services affirmed its 'BBB+' long-term corporate credit rating on Canadian Tire Corp. Ltd. The outlook is stable. At the same time, Standard&Poor's affirmed its 'BBB+'
