BRUSSELS — Rating agencies Moody’s Investors Service and Standard & Poor’s on Monday assigned investment-grade ratings to Delhaize Group here, signaling confidence in the financial and operational improvements at the parent of the Hannaford, Food Lion and Sweetbay banners in the U.S. Moody’s, New York, in a release said the rating upgrade, to Baa3, was underpinned by low business risk, good geographical diversity, scale and competitive positioning, among other attributes. Standard & Poor’s, also New York, upgraded Delhaize to a BB+ rating and positive outlook. The ratings will allow Delhaize to proceed with its plan to implement cross-guarantees between Delhaize Group and its U.S. subsidiary, Delhaize America, which itself received a recent credit upgrade from S&P. The implementation of cross-guarantees was conditional upon Delhaize Group obtaining a credit rating from Moody’s and S&P at least as strong as the current credit rating and outlook of Delhaize America, Delhaize said in a statement.
Read More of Today's Headlines