Moody’s lifts Morrison, Safeway

Moody's Investors Service said it upgraded the long-term issuer ratings of Wm Morrison Supermarkets plc to Baa2 from Baa3.

The agency also upgraded the senior unsecured ratings of Morrison and its guaranteed subsidiary Safeway Ltd. to Baa2/provisional Baa2 from Baa3/provisional Baa3.

Furthermore, Moody's upgraded Morrison’s short-term ratings to Prime-2/provisional Prime-2 from Prime-3/provisional Prime-3.

The outlook was changed to stable from positive.

"Our decision to upgrade the ratings of Morrisons reflects a sustained period of improving operational performance by the company and a stronger credit profile," David Beadle, Moody's vice president, senior credit officer and lead analyst for Morrison, said in a news release.

"Morrisons cash generation and reduced debt, coupled with increasing profitability has resulted in credit metrics which support a Baa2 rating.”

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