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Grocery Issuers; S&P comments

CONSUMER STAPLES

S&P has put out a note on the sector flagging Ahold, Carrefour, Rewe and Tesco as having significant market share in their respective countries and having successful offset high costs through prices. It sees the four issuers market leading positions giving them headroom under credit metrics and supporting ratings.

Mirrors our remarks from other day - see below. We'd only add Woolworths to S&P's list as the sector leader on both margins and local market share.

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