On Feb. 17, 2003, Standard&Poor's Ratings Services assigned its 'A' senior unsecured debt rating to food retailer Loblaw Companies Ltd.'s C$200 million 6.54% MTN drawdown due 2033 from its C$1.5 billion base shelf registration filed in May 2001. At the same time, the ratings on the Toronto, Ont.-based company, including the 'A' long-term corporate credit rating, were affirmed. The outlook is stable. The ratings on Loblaw Companies reflect its leading market position in Canadian food distribution, a consistently strong operating performance, a well-regarded and innovative controlled-label program, and an asset base that consists of modern stores that have benefited from the company's traditionally heavy capital expenditure program. These factors are offset by leverage that is high for the
