S&P upgrades Wesfarmers

Standard & Poor's said it raised the long-term corporate credit and debt issue ratings on Wesfarmers Ltd. to A- from BBB+ and affirmed its A-2 short-term rating.

The outlook is stable.

The upgrade reflects the group's improving business risk profile, particularly its large recession-resistant supermarkets operations, S&P said.

The upgrades also consider its broad operating diversity and strong management, long-term investment focus and disciplined approach to capital management, the agency said.

The company benefits from continuing investment and effective strategies across its other retailing formats, despite a near-term expectation for continuing soft consumer demand, S&P said.

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