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Woolworths Group Ltd.'s Senior Unsecured Medium-Term Note Program Rated 'BBB'

MELBOURNE (S&P Global Ratings) Oct. 5, 2023--S&P Global Ratings today assigned its 'BBB' long-term issue rating to a A$5 billion medium-term note (MTN) program that Woolworths Group Ltd. has established.

We equalize the rating on the program with the long-term issuer credit rating on Woolworths (BBB/Stable/A-2). This reflects our expectation that any proposed notes that the Australia-based retailer issues under the program shall always rank equally with all its other senior unsecured obligations. Such notes will constitute the direct, unconditional, unsubordinated, and unsecured obligations of Woolworths.

The rating on the proposed notes is subject to our review of the final terms and conditions.

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S&P Global Ratings Australia Pty Ltd holds Australian financial services license number 337565 under the Corporations Act 2001. S&P Global Ratings' credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act).

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.spglobal.com/ratings for further information. Complete ratings information is available to RatingsDirect subscribers at www.capitaliq.com. All ratings affected by this rating action can be found on S&P Global Ratings' public website at www.spglobal.com/ratings.

Primary Credit Analyst:Puchen Wang, Melbourne (61) 3-9631-2099;
puchen.wang@spglobal.com
Secondary Contact:Craig W Parker, Melbourne + 61 3 9631 2073;
craig.parker@spglobal.com

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