On Oct. 29, 2015, Woolworths announced that its net profit after tax for first-half fiscal 2016 would be 28%-35% below the prior corresponding period's, reflecting intense competition in the Australian supermarket industry. This forecast profit was well below our prior expectations, and is likely to cause some of the group's key credit measures to fall outside expectations for the 'BBB+' rating in fiscal 2016. Accordingly, we have revised the outlook on the long-term rating to negative from stable, reflecting expected pressure on the group's financial risk profile, uncertainty regarding the magnitude and timing of an earnings improvement in the core supermarket operations, and strategic uncertainty regarding the group's portfolio composition ahead of a new CEO appointment. At the same time,
