Whole Foods Market Inc. 'BB-' Corporate Credit Rating Affirmed; Outlook Revised To Negative

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from S&P Credit Research
454 word report published Feb 19, 2009

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Abstract:

NEW YORK (Standard&Poor's) Feb. 19, 2009--Standard&Poor's Ratings Services said today it revised its outlook on Austin, Texas-based Whole Foods Market Inc. to negative from stable. At the same time, we affirmed the 'BB-' corporate credit rating on the company. "This action follows the company's weaker-than-anticipated operating performance for its first quarter ended Jan. 18, 2009," said Standard&Poor's credit analyst Stella Kapur. It also reflects our increased concern that credit metrics could deteriorate further if the company's negative identical sales performance continues. Whole Foods enjoys a robust historical track record, during which sales grew at a 20% compound annual growth rate from 2003 to 2008 from healthy same-store sales growth, new store development, and acquisitions.

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RESEARCH Ratings Definitions Whole Foods Market Inc. '##-' Corporate Credit Rating Affirmed; Outlook Revised To Negative Publication date: 19-Feb-2009 Primary Credit Analyst: Stella Kapur, New York (1) 212-438-1262; stella_kapur@standardandpoors.com...

Report Type:

Ratings Action

Ticker:

WFMI

Issuer:

Whole Foods Market Inc.

GICS:

Food Retail (30101030)

Sector:

Corporations, Global Issuers, Retail

Country:

United States

Region:

United States

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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