01:22 PM EDT, 05/30/2024 (MT Newswires) -- S&P Global Ratings on Wednesday upgraded its issue-level ratings on George Weston (WN.TO) unit Loblaw's ( LBLCF ) unsecured debt to "BBB+" from "BBB'.

Also, the rating agency raised its ratings on various debt issued by Loblaw ( LBLCF ). The "bbb+" stand-alone credit profile on Loblaw ( LBLCF ) remains unchanged.

"The stable outlook on Loblaw ( LBLCF ) reflects S&P Global Ratings' expectation that the consolidated adjusted debt-to-EBITDA ratio will be about 2.5x for parent GWL over the next two years, supported by Loblaw's ( LBLCF ) steady profitability," the agency said.

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