On May 3, 2007, Standard&Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on Toronto-based Loblaw Companies Ltd. by one notch, to 'BBB+' from 'A-'. Standard&Poor's also lowered its long-term corporate credit and senior unsecured debt ratings on parent company George Weston Ltd. by one notch, to 'BBB' from 'BBB+'. In addition, the Canadian scale CP rating on George Weston was lowered to 'A-2' from 'A-1(Low)', and the preferred stock rating on George Weston was lowered to 'P-3(High)' from 'P-2(Low)'. At the same time, the ratings on both companies were removed from CreditWatch with negative implications, where they were placed Feb. 8, 2007, following Loblaw's much weaker-than-expected earnings in the fourth quarter
