On Oct. 31, 2006, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Toronto-based Loblaw Companies Ltd. by one notch, to 'A-' from 'A'. Standard&Poor's also lowered its long-term corporate credit rating on parent company George Weston Ltd. by one notch, to 'BBB+' from 'A-'. In addition, the Canadian scale CP rating on Loblaw was lowered to 'A-1(Low)' from 'A-1(Mid)', and the preferred stock rating on George Weston was lowered to 'P-2(Low)' from 'P-2'. At the same time, the ratings on both companies were removed from CreditWatch with negative implications, where they were placed July 27, 2006, following Loblaw's weaker-than-expected earnings in the second quarter (ended June 17, 2006) and the expectation that full-year 2006
