We believe U.S.-based The Chefs' Warehouse Inc. will maintain steady case volume growth and manage moderate food and fuel cost volatility, leading to solid profit growth and strengthening credit metrics. We have revised our forecasts to reflect our expectation that leverage will remain in the 4x to 5x range. Though we believe the company will remain acquisitive, we do not expect large debt-financed acquisitions that would lead to leverage sustained over 5x. We are raising our corporate credit rating on Chefs' Warehouse to 'B+' from 'B'. We are also raising our issue-level rating on its senior secured first-lien debt by one notch to 'B+' from 'B'. The stable outlook reflects our expectation that the company will maintain leverage in the
