Strong position in food and drug retailing through ownership of Loblaw Cos. Ltd. and Shoppers Drug Mart Corp. Low growth and persistently competitive conditions for food retailing in Canada, with solid growth prospects for drugstores Well-recognized Weston Foods brands in Canada Our forecast of adjusted debt-to-EBITDA (excluding President's Choice Bank [PC Bank]) in the 3x area over the next couple of years Our expectation that Loblaw will likely deploy available cash flow to repurchase shares rather than reduce debt or build cash Strong liquidity and good financial flexibility, enhanced by subsidiaries PC Bank and Choice Properties Real Estate Investment Trust (CP REIT) The stable outlook on George Weston Ltd. reflects S&P Global Ratings' expectation that consolidated adjusted debt-to-EBITDA will be
