...Improved Top-Line Performance: Fitch Ratings upgraded SUPERVALU Inc.'s (SVU) Issuer Default Rating (IDR) to `B' from `B¡' in September 2014, reflecting SVU's improved top-line performance over the past year. This provides greater confidence in the company's ability to sustain flat to modest consolidated sales growth and steady EBITDA in the face of significant competitive challenges over the next 12¡24 months. Business Mix More Favorable: SVU's business mix is more favorable in the wake of the March 2013 sale of its New Albertson's, Inc. (NAI) business to a Cerberus Capital Management (Cerberus)-led consortium, reducing its exposure to the competitive supermarket sector. The independent business (wholesale distribution) segment accounted for 36% of EBITDA in the LTM period ended Nov. 29, 2014, compared with 27% for Save-A-Lot (grocery hard discount) and 37% for retail food (traditional supermarkets). Turnaround a Work in Progress: SVU has been cutting expenses, decentralizing its supermarket...
