STANDARD & POOR’S UPGRADES KROGER LONG-TERM DEBT TO “BBB” RATING

CINCINNATI, OH, July 9, 2003 – The Kroger Co. (NYSE: KR) today announced that Standard & Poor’s has upgraded Kroger’s long-term debt to a “BBB” rating. Kroger had been on “positive watch” with S&P.

“Kroger’s investment-grade debt rating is important to us and we are very pleased with the upgrade,” said Michael Schlotman, Kroger senior vice president and chief financial officer. “Our financial strategy is designed to support the Company's Strategic Growth Plan. We believe ‘BBB’ is the optimal rating for Kroger because it provides us with maximum flexibility in the long-term debt and commercial paper markets.”

Headquartered in Cincinnati, Ohio, Kroger is one of the nation’s largest retail grocery chains. At the end of fiscal 2002, the Company operated (either directly or through its subsidiaries) 2,488 supermarkets and multi-department stores in 32 states under approximately two dozen banners including Kroger, Ralphs, Fred Meyer, Food 4 Less, King Soopers, Smith’s, Fry’s and Fry’s Marketplace, Dillons, QFC and City Market. Kroger also operated (either directly or through its subsidiaries) 784 convenience stores, 441 fine jewelry stores, 376 supermarket fuel centers and 41 food processing plants. For more information about Kroger, please visit our web site at www.kroger.com.

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