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In anticipation of Safeway's acquisition by AB Acquisition LLC, Fitch Ratings has withdrawn its ratings on the Pleasanton, Calif.-based chain following final clearance from the Federal Trade Commission.
Fitch said it does not have sufficient information to provide ratings on the company's post-merger capital structure of Safeway and Albertson's.
As indicated in prior commentary, and based on preliminary information indicating pro forma adjusted leverage of around 6.0x, Fitch believes the merged entity would be rated in the "B" category.
Fitch currently rates Safeway as a Negative Rating Watch.
Fitch Ratings is a global leader in credit ratings, research and commentary for investors.