The stable outlook reflects our expectation that Woolworths will continue to mitigate competitive pressures on its revenue growth and margins over the next 12-24 months, and make progress on its operational and strategic initiatives. We believe the company is committed to protecting its credit quality at the 'BBB' rating level. In addition, we anticipate management will continue to operate with sufficient headroom within its financial policies, such that its ratio of lease-adjusted debt to EBITDA is less than 3.75x. We also expect Woolworths' capital structure, following the potential separation of the EG, is likely to remain consistent with our expectations for a 'BBB' rating. We could lower the ratings if we believe loss of market share or margin erosion at