S&P Lowers Ratings on Loblaw, Weston

Citing significant business challenges and subsequent lower profits, Standard & Poor’s here on Thursday cut its debt ratings on Loblaw Cos. and on its largest investor, George Weston Ltd.

TORONTO — Citing significant business challenges and subsequent lower profits, Standard & Poor’s here on Thursday cut its debt ratings on Loblaw Cos. and on its largest investor, George Weston Ltd. Loblaw, Toronto, earlier this week reported quarterly profits were down by 61.4% due to lower margins caused by price cuts, and charges related to a corporate restructuring. S&P cut Loblaw’s ratings from “A-minus” to “BBB-plus” and George Weston from “BBB-Plus” to “BBB.”

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