Moody’s upgrades Delhaize to Baa2

Moody's Investors Service said it upgraded the long term issuer and senior unsecured ratings of Delhaize Group SA and the senior unsecured rating of its affiliate Delhaize America, LLC, to Baa2 from Baa3.

The outlook is stable.

"Our decision to upgrade Delhaize's rating to Baa2 reflects the strong financial profile driven by stable cash flow generation and further reduction in adjusted debt," Sven Reinke, Moody's vice president, senior credit officer and lead analyst for Delhaize, said in a news release.

"It also considers the implementation of the Transformation Plan that has helped to stabilize Delhaize's performance in Belgium."

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