Recovery Report: C&S Wholesale Grocers' Recovery Rating Profile - S&P Credit Research

Recovery Report: C&S Wholesale Grocers' Recovery Rating Profile

1640 words — Published Apr 26, 2012
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Abstract:

Standard&Poor's Ratings Services has completed a review of the recovery and issue-level ratings we assigned to privately owned C&S Group Enterprises LLC's (C&S) senior secured notes. All ratings are unchanged. Our recovery analysis simulates a default scenario occurring in 2017 due to intense competition in the industry coupled with the loss of one or more key customers, which translates into a steep decline in revenues and margins. C&S's capital structure consists of an unrated $800 million asset-based revolving (ABL) credit facility due 2017 and $300 million 8.375% senior secured notes due 2017. C&S Wholesale Grocers Inc., GU Markets LLC, ES3 LLC, Surry Licensing LLC, and Warehouse Technologies LLC are coborrowers under the ABL revolver, which is guaranteed by

  
Brief Excerpt:

RESEARCH Ratings Definitions PDF Recovery Report: C&S Wholesale Grocers' Recovery Rating Profile Publication date: 26-Apr-2012 Recovery Analyst: Christine Barto, CFA, New York (1) 212-438-4243; christine_barto@standardandpoors.com...

  
Report Type:

Full Report

Sector
Global Issuers
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S&P Credit Research—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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MLA:
S&P Credit Research. "Recovery Report: C&S Wholesale Grocers' Recovery Rating Profile" Apr 26, 2012. Alacra Store. Jul 29, 2014. <http://www.alacrastore.com/s-and-p-credit-research/Recovery-Report-C-S-Wholesale-Grocers-Recovery-Rating-Profile-960885>
  
APA:
S&P Credit Research. (). Recovery Report: C&S Wholesale Grocers' Recovery Rating Profile Apr 26, 2012. New York, NY: Alacra Store. Retrieved Jul 29, 2014 from <http://www.alacrastore.com/s-and-p-credit-research/Recovery-Report-C-S-Wholesale-Grocers-Recovery-Rating-Profile-960885>
  
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