DBRS: Sobeys notes BBB (low)

DBRS said it assigned a rating of BBB (low) with a stable trend to Sobeys Inc.’s private placement debt issuance of C$300 million senior unsecured floating-rate notes due July 14, 2016.

The notes will be unsecured obligations ranking pari passu with Sobeys’ other senior unsecured indebtedness, DBRS said.

The proceeds are expected to be used to repay indebtedness outstanding under the company’s term credit facility and for general corporate purposes, the agency said.

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