New York, October 11, 2013 -- Moody's Investors Services said today that Safeway Inc.'s ("Safeway") announcement that it intends to exit the Chicago market, where it operates 72 Dominick's stores, by early 2014 will have no immediate affect on Safeway's Baa3 senior unsecured ratings, the company's Prime-3 short term rating or its negative ratings outlook. The exit will result in a cash tax benefit of $400 million to $450 million as the company intends to write-off its entire investment in Dominick's. The tax benefit will be available to partially offset the cash tax expense on the company's pending sale of the net assets of Canada Safeway Limited ("CSL"). Safeway expects to use the cash tax benefit and any other cash proceeds from the disposal of Dominick's properties to buy back stock and to invest in growth opportunities.

Vollständigen Artikel bei Moodys lesen