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S&P Lowers Ratings on Loblaw, Weston

Citing significant business challenges and subsequent lower profits, Standard & Poor’s here on Thursday cut its debt ratings on Loblaw Cos. and on its largest investor, George Weston Ltd.

Jon Springer, Executive Editor

May 4, 2007

1 Min Read
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JON SPRINGER

TORONTO — Citing significant business challenges and subsequent lower profits, Standard & Poor’s here on Thursday cut its debt ratings on Loblaw Cos. and on its largest investor, George Weston Ltd. Loblaw, Toronto, earlier this week reported quarterly profits were down by 61.4% due to lower margins caused by price cuts, and charges related to a corporate restructuring. S&P cut Loblaw’s ratings from “A-minus” to “BBB-plus” and George Weston from “BBB-Plus” to “BBB.”

About the Author

Jon Springer

Executive Editor

Jon Springer is executive editor of Winsight Grocery Business with responsibility for leading its digital news team. Jon has more than 20 years of experience covering consumer business and retail in New York, including more than 14 years at the Retail/Financial desk at Supermarket News. His previous experience includes covering consumer markets for KPMG’s Insiders; the U.S. beverage industry for Beverage Spectrum; and he was a Senior Editor covering commercial real estate and retail for the International Council of Shopping Centers. Jon began his career as a sports reporter and features editor for the Cecil Whig, a daily newspaper in Elkton, Md. Jon is also the author of two books on baseball. He has a Bachelor of Arts degree in English-Journalism from the University of Delaware. He lives in Brooklyn, N.Y. with his family.

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