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S&P lowers Shoppers Drug
Standard & Poor's said it lowered the long-term corporate credit rating on Shoppers Drug Mart Corp. to BBB from BBB+ and removed the rating from CreditWatch, where it was placed with negative implications in July 2013.
The outlook is stable.
The agency also said it lowered the issue-level rating on the company's unsecured debt to BBB from BBB+ and removed the rating from CreditWatch. This debt remains outstanding, S&P said.
The downgrade and removal from CreditWatch follows Loblaw Cos. Ltd.'s completed acquisition of Shoppers on March 28. S&P said it has now equalized the ratings on the two companies.
Shoppers is now considered a core subsidiary for its 100% owner, Loblaw, the agency said, and the ratings and outlook of the two are directly linked.
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