NEW YORK — Fitch Ratings here said Wednesday it has downgraded its long-term issue default rating on Safeway to BBB-minus from BBB and its short-term IDR to F3 from F2, with a stable rating outlook. The action is based on Fitch's expectations that Safeway will use a portion of the proceeds from a new notes issue and a $700 million term loan to repurchase stock, "[which] reflects a deviation from Safeway's previous financial strategy under which it repaid debt with a ...

REGISTER TO VIEW THIS ARTICLE - Register for a Free Account

Why Register for FREE?

Registering for content on Supermarket News will give you INSTANT access to invaluable articles and media content that industry professionals rely on. You will have access to our special reports, feature articles, and industry analysis. It’s FREE, easy and quick.  What are you waiting for! In addition you will also receive a complimentary copy of SN's salary survey sent to you by email.

Click here to read the FAQ page if you have any questions (opens in a new window)

Attention Paid Print Subscribers:  While you have already been granted free access to SN we ask that you register now. We promise it will only take a few minutes! Or visit your profile and add your print magazine account number and zip code.

Already registered? here.