reports
- Aarti Magan
- Moritz Steinbauer
- Thuvaraka Paramasivam
Loblaw Companies Limited: Rating Report
On May 18, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating, the Medium-Term Notes rating, and the Debentures rating of Loblaw Companies Limited (Loblaw or the Company) at BBB (high). DBRS Morningstar also confirmed Loblaw’s Second Preferred Shares rating at Pfd-3 (high). All trends remain Stable. The ratings confirmations and Stable trends reflect DBRS Morningstar's expectation that, given the relatively inelastic nature of Loblaw’s product offering combined with its strong foo...
- Aarti Magan
- Moritz Steinbauer
- Thuvaraka Paramasivam
- Aarti Magan
- Moritz Steinbauer
- Thuvaraka Paramasivam
Price Check: Discount Grocery Stores Set to Largely Outperform Their C...
DBRS Morningstar released a commentary titled “Price Check: Discount Grocery Stores Set to Largely Outperform Their Conventional Peers Worldwide in 2023.” While the global food retail sector as a whole is generally more resistant to macroeconomic challenges compared with other industries, we expect discount grocery stores to fare better than their conventional peers in 2023. That said, we anticipate volume growth trends to gradually return to historic levels as economic conditions normalize and ...
- Aarti Magan
- Moritz Steinbauer
- Reid Usher
- Vikas Munjal
Global 2023 Food Retailer Outlook: Grocers Largely Immune to Macroecon...
DBRS Morningstar released a commentary titled “Global 2023 Food Retailer Outlook: Grocers Largely Immune to Macroeconomic Challenges.” Our neutral 2023 outlook for the global food retail sector reflects our view that the credit risk profiles of food retailers in our portfolio will continue to remain supportive of their current ratings. While persistent levels of inflation against a challenging macroeconomic backdrop caused by decreasing consumer spending could pressure 2023 operating results, we...
- Aarti Magan
- Anil Passi
- Moritz Steinbauer
- Aarti Magan
- Anil Passi
- Moritz Steinbauer
- Anil Passi
- Moritz Steinbauer
An E-Commerce Step Change for Canadian Food Retailers
Over the past two years, the government-mandated restrictions on movement and business activity, combined with consumers' concerns about the potential exposure to the Coronavirus Disease (COVID-19) pandemic, resulted in Canada's food retailers experiencing an unprecedented surge in e-commerce sales. While we believe e-commerce sales could moderate over the near term from the current elevated pandemic levels given the rapidly easing restrictions and the reopening of the economy combined with an i...
- Anil Passi
- Moritz Steinbauer
- Reid Usher
What The Reopening Means for Canadian Food Retailers
Given the evolution of the coronavirus pandemic, credit metrics and the overall credit risk profiles of the food retailers in our portfolio have generally strengthened as a result of the two-year aggregate effects of the pandemic. That said, we continued to interpret this strengthening as largely temporary and within the context of the respective rating categories as we expect that many of the positive pandemic-related effects on operating results will moderate or unwind and that any structural ...
- Anil Passi
- James Park
- Moritz Steinbauer
- Anil Passi
- James Park
- Moritz Steinbauer
Loblaw Companies Limited: Rating Report
On September 17, 2020, DBRS Limited (DBRS Morningstar) upgraded the Issuer Rating and Medium-Term Notes and Debentures ratings of Loblaw Companies Limited (Loblaw or the Company) to BBB (high) from BBB. DBRS Morningstar also upgraded Loblaw’s Short-Term Issuer Rating to R-2 (high) from R-2 (middle) and its Second Preferred Shares rating to Pfd-3 (high) from Pfd-3. DBRS Morningstar changed all trends to Stable from Positive.
- Anil Passi
- James Park
- Moritz Steinbauer
- Anil Passi
- James Park
- Moritz Steinbauer
- Anil Passi
- Moritz Steinbauer
The Impact of Coronavirus Disease (COVID-19) on the Canadian Food Reta...
Although uncertainty remains on the ultimate severity and duration of the current crisis related to the coronavirus pandemic, and while no sector is fully immune to the outbreak or the macroeconomic aftereffects, DBRS Morningstar does not expect to take any positive or negative rating actions in its portfolio of Canadian food retailers solely as a result of the coronavirus outbreak or the macroeconomic aftereffects.
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