Strong market position in supermarket and liquor retailing in Australia and New Zealand Market-leading cost position in Australian full-line supermarket retailing Strong and growing supermarket competition Some exposure to cyclical consumer spending Execution risks associated with the group's evolving mix of retail businesses, particularly in home-improvement "Intermediate" financial risk profile, supported by moderate financial policies Limited financial buffer at the 'A-' rating level Substantial use of off-balance-sheet operating lease finance Large, ongoing capital-expenditure requirements "Adequate" liquidity profile The stable rating outlook on Woolworths Ltd. reflects our expectation that despite intensifying competition, solid cash flows from the group's supermarket operations should underpin the group's stable credit profile. Based on the group's current business mix, we expect Woolworths to maintain a fully-adjusted
