U.S.-based wholesale grocery distributor C&S Wholesale Grocers Inc. is issuing a five-year $1.5 billion senior secured asset-backed lending (ABL) revolving credit facility and eight-year $400 million senior secured notes to refinance its existing capital structure. We are assigning a 'BBB-' issue-level rating and '1' recovery rating to the ABL and a ?BB? issue-level rating and '4' recovery rating to the senior secured notes. We are also affirming our ?BB? corporate credit rating on the company. The stable outlook reflects our expectation that C&S credit protection levels will include leverage around 4x over the next 12 months. On June 25, 2014, Standard&Poor's Ratings Services assigned its 'BBB-' issue level rating to C&S Wholesale Grocers Inc.'s $1.5 billion ABL revolving
