Standard and Poor's Corp said itaffirmed the AA long-term debt of J. Sainsbury PLC.
    S and P cited Sainsbury's offer for the shares of Shaws
Supermarkets Inc's &lt;SHAW> it does not own. Sainsbury currently
holds 28.5 pct of that company.
    The acquisition will be financed by an equity issue, so the
impact on Sainsbury's capital structure will not be
significant, the agency said. The merger will provide an
opportunity for expansion in an area with favorable economic
trends, although it will lower trading margins by more than
Sainsbury's historic levels, S and P pointed out.
 Reuter
