S&P rates Dollarama notes B-

Standard & Poor's said it assigned its B+ long-term corporate credit and senior secured ratings to Dollarama Group LP. At the same time, S&P rated Dollarama's $200 million senior subordinated notes B-.

The outlook is negative.

S&P said the ratings on Dollarama Group LP reflect its very high leverage and its high dependence on the Rossy family to continue to expand the company. These factors are partially mitigated by leading market shares in the provinces of Ontario, Quebec, and in the Maritimes, and a very competitive corporate store model with consistent operating results.

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