U.S. retail operator Dollar General continues to achieve solid operating performance. We expect continued strength in its operating results and use of its free cash flow to reduce debt will result in total debt to EBITDA in the high-2x area in fiscal 2012. We are revising the outlook on Dollar General to positive from stable and affirming all the ratings on the company, including our 'BB' corporate credit rating. The positive outlook reflects our expectations that debt leverage could decline to below 3x in fiscal 2011 due to cash flow growth and debt repayment with free cash flow. We could raise our ratings on the company if debt leverage reaches the low- to mid-2x range. On March 28, 2011, Standard
