Loblaw Companies Limited: Credit Rating Report

On May 16, 2025, DBRS Limited (Morningstar DBRS) changed the trends on Loblaw Companies Limited's (Loblaw or the Company) Issuer Rating, and the credit ratings on the Medium-Term Notes and Debentures to Positive from Stable and confirmed the credit ratings at BBB (high). Morningstar DBRS also discontinued Loblaw's Second Preferred Shares credit rating. This follows their full redemption and is unrelated to the Company's credit risk profile.