The ratings on Canadian Tire Corp. Ltd. reflect its strong market position considering its nationwide dealer store network, high-quality assets in the form of new format stores, strong liquidity, and securitization potential of receivables from two distinct credit cards. The ratings also take into account Canadian Tire's recent announcement that it will acquire Mark's Work Wearhouse Ltd., a national retailer of predominantly men's private-label apparel across 324 stores, most of which are corporate owned, for C$116 million, an acquisition that is relatively small in nature. Mark's Work Wearhouse is Canada's number-one retailer of work, safety, winter, and industrial work wear and possesses the second-largest brand of casual pants. The ratings also consider Canadian Tire's healthy operating results thus far in
