Fitch gives Safeway notes BBB

Fitch Ratings said it assigns a rating of BBB to Safeway Inc.'s new $500 million of 5.0% senior unsecured notes due 2019.

The outlook is stable.

Proceeds will be used to refinance maturing debt, the agency said, adding that the notes contain a change-of-control provision.

According to Fitch, the rating reflects Safeway's market positions in its key markets, its strong cash flow generation and management's plans to continue to reduce debt.

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