DBRS downgrades Shoppers Drug Mart

DBRS said it downgraded Shoppers Drug Mart Corp.'s senior debt rating to BBB from A (low) and removed the rating from under review with negative implications. The trend is stable.

The rating action follows the successful acquisition of the company by Loblaw Cos. Ltd. (BBB/stable) and reflects Loblaw's guarantee of Shoppers's outstanding senior notes, the agency said.

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