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Woolworths Ltd.'s Domestic Unlimited MTN Program And Initial A$500 Million Issue Rated 'A-' Mar 11 Product Image

Woolworths Ltd.'s Domestic Unlimited MTN Program And Initial A$500 Million Issue Rated 'A-' Mar 11

  • Published: March 2011
  • Standard & Poors

FEATURED COMPANIES

Abstract
MELBOURNE (Standard & Poor's) March 8, 2011--Standard & Poor's Ratings Services said today that it had assigned its 'A-' long-term rating to Woolworths Ltd.'s (A-/Stable/A-2) unlimited domestic medium-term-note program and the initial A$500 million issue from the program. The A$500 million 6.75% notes issue, which has a tenor of five years maturing on March 22, 2016, ranks pari passu with all of Woolworths' existing senior-unsecured debt. Proceeds from the notes are expected to be used for general corporate purposes and the repayment of maturing notes. In our view, Woolworths' credit profile is underpinned by significant market positions in Australian and New Zealand supermarket retailing. Duopoly-like characteristics in both markets moderate the competitive pressures for Woolworths compared with retailing in most...

Companies mentioned in this report are: Woolworths Ltd.
Action: New Rating

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Woolworths Ltd.

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