We expect strong sales volume growth to contribute to improving credit protection measures in fiscal 2014 with total debt to EBITDA reaching low- to mid-3.0x. We raised the ratings on C&S Wholesale Grocers and its subsidiaries, including the corporate credit rating, which we raised to 'BB' from 'BB-'. The stable outlook reflects our expectations that C&S will maintain credit protection measures in line with a "significant" financial risk profile due to its ability to grow sales volume and despite margin pressure and mature industry conditions for grocery retailing. On Oct. 15, 2013, Standard&Poor's Ratings Services raised its ratings on C&S Wholesale Grocers, including its corporate credit rating, which we raised to 'BB' from 'BB-'. The outlook is stable.
