Safeway stock and bond ratings lowered

11/6/2003 | Los Angeles Times (tiered subscription model)

Citing the financial impact of the California grocery strike and difficulty in selling its Dominick's chain, analysts yesterday downgraded Safeway's stock and bond ratings. One analyst said the company stands to lose as much as $160 million if the strike lasts through Thanksgiving, which, along with rebuilding efforts at Dominick's, "will hurt profits well into 2004."

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