NEW YORK — Fitch Ratings here on Wednesday said it affirmed its ratings on Safeway, saying the retailer's strong market shares and cost reduction efforts are helping to withstand competitive pressures and a challenging economic environment. Fitch rates Safeway's default rating as "BBB" with a stable outlook. The Pleasanton, Calif.-based retailer has about $5.3 billion in outstanding debt. "The ratings reflect Safeway's broad geographic presence and strong positions in its key markets, cost ...

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