Ratings agency Moody's has cut supermarket giant Woolworths' credit rating by one notch.
Moody's lowered Woolworths rating from `Baa1' to `Baa2' and said its outlook remained negative, to reflect the continued operational challenges faced by the company across much of its portfolio.
Woolworths last week unveiled a first half loss of $972.7 million, its first loss in more than 20 years, with earnings hammered by stiff competition and its failed hardware chain Masters.
"Woolworths continues to have a solid credit profile and is confident the execution of its strategy will deliver the best outcome for its customers and investors," the supermarket operator responded on Wednesday.
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