DBRS Rates Loblaw’s Medium-Term Notes Issue at BBB with a Negative Trend

DBRS has today assigned a rating of BBB with a Negative trend to the Loblaw Companies Limited (Loblaw or the Company) $350 million 4.85% Series 2-A medium-term notes (the Notes) issue due May 8, 2014.

The Notes have been issued pursuant to the Short Form Base Shelf Prospectus dated June 5, 2008, and the Prospectus Supplement dated May 5, 2009.

The Notes rank pari passu with Loblaw’s other senior unsecured indebtedness. Proceeds from the note issue will be added to general funds of the Company and used to repay short-term debt, to refinance other indebtedness and for general corporate purposes.
For further detail, please see the DBRS press release dated March 11, 2009, confirming Loblaw’s long-term ratings and a rating report on the Company published April 30, 2009.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Merchandisers, which can be found on the DBRS website under Methodologies.

This is a Corporate rating.