DBRS Assigns Rating of BBB (low) to Sobeys’ New Debt Issuance, Stable Trend

DBRS has today assigned a rating of BBB (low) with a Stable trend to Sobeys Inc.’s (Sobeys or the Company) private placement debt issuance of $300 million senior unsecured floating rate notes, due July 14, 2016 (the Notes).

The Notes will be unsecured obligations ranking pari passu with Sobeys’ other senior unsecured indebtedness. Proceeds are expected to be used to repay indebtedness outstanding under the Company’s term credit facility and for general corporate purposes.

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

The applicable methodology is Rating Companies in the Merchandising Industry, which can be found on our website under Methodologies.