Press Release

DBRS Morningstar Assigns Rating of BBB (high), Stable Trend to Loblaw Companies Limited’s New Debt Issuance

September 13, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Loblaw Companies Limited’s (Loblaw or the Company) $400 million 5.008% Senior Unsecured Notes due September 13, 2032, and to the Company’s $400 million 5.336% Senior Unsecured Notes due September 13, 2052 (together, the Notes), which closed on September 13, 2022.

The ratings assigned are based on the ratings of an already-outstanding series of the above-mentioned debt instrument.

The Notes are unsecured and rank pari passu with all other unsecured and unsubordinated indebtedness of the Company. Loblaw intend to use the combined net proceeds from the Notes to fund the redemption of the Company’s outstanding $800 million aggregate principal amount of 4.860% Medium Term Notes, maturing September 12, 2023, and for general corporate purposes.

Loblaw’s ratings reflect the Company’s strong business risk profile, including its position as Canada’s largest food and drug retailer, and continue to consider the intense competition in Canadian food retail.

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are the Global Methodology for Rating Companies in the Merchandising Industry (September 2, 2022; and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 21, 2021;, which can be found on under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (May 17, 2022;

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

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