Moody's affirms Ahold

Moody's Investors Service said it affirmed the Baa3 issuer and senior unsecured ratings of Koninklijke Ahold NV (Ahold).

Its outlook was changed to positive from stable.

The action reflects the gradual improvement in metrics so far this year, with reported operating profits growing by 15% year-on-year in the first nine months of 2009, as well as debt amortization, Moody's said.

A significant portion of the group's liabilities, mainly finance leases, are at the European and U.S. operating subsidiaries, the agency said.

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