Moody's affirms Delhaize

Moody's Investors Service said it affirmed the Baa3 issuer and senior unsecured ratings of the Delhaize Group.

The outlook remains stable.

The affirmation follows news that the company will acquire 100% of the share capital of Delta Maxi Group for a purchase price of €932.5 million, including assumed debt of about €300 million.

The agency said it believes the transaction will moderately weaken Delhaize's metrics, while noting that they are currently strong for the rating category, the agency said.

Moody's noted that the acquisition is intended to complement Delhaize's existing operations in Greece and Romania, which have been growing faster than its core markets in the United States and Belgium.

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