Morningstar DBRS Assigns Credit Rating of BBB (high) With a Stable Trend to METRO INC.'s New Debt Issuance

DBRS Limited (Morningstar DBRS) assigned a credit rating of BBB (high), Stable, to METRO INC.'s (Metro or the Company) $500 million 3.998%, Series L, Senior Unsecured Notes (the Notes) due November 27, 2029, which closed on November 27, 2024.

The net proceeds of the Notes are intended to be used for the repayment of the 1.922% Senior J Notes due December 2, 2024, indebtedness incurred under the Company's revolving credit facility and for general corporate purposes. The Notes are direct unsecured obligations of Metro and rank pari passu with each other and with all other existing and future unsecured and unsubordinated indebtedness of the Company.

Metro's credit ratings continue to reflect its well-established brand and market position in Ontario and Québec, while also reflecting the competitive operating environment in Canadian food retail and Metro's geographical concentration.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated October 18, 2024 (https://dbrs.morningstar.com/research/441424/), for more information, including all relevant disclosures.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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