MELBOURNE (S&P Global Ratings) Oct. 5, 2023--S&P Global Ratings today assigned its 'BBB' long-term issue rating to a A$5 billion medium-term note (MTN) program that Woolworths Group Ltd. has established. We equalize the rating on the program with the long-term issuer credit rating on Woolworths (BBB/Stable/A-2). This reflects our expectation that any proposed notes that the Australia-based retailer issues under the program shall always rank equally with all its other senior unsecured obligations. Such notes will constitute the direct, unconditional, unsubordinated, and unsecured obligations of Woolworths. The rating on the proposed notes is subject to our review of the final terms and conditions. General Criteria: Group Rating Methodology, July 1, 2019 Criteria Corporates General: Corporate Methodology: Ratios And
