US Foods Holding Corp., the parent company of US Foods Inc. (USF), has successfully completed a partial initial public offering (IPO), raising over $1.1 billion proceeds. USF has provided conditional notice that it will use the majority of the net proceeds to redeem approximately $1.1 billion principal amount of its 8.5% senior unsecured notes due 2019. Pro forma for the company's IPO and ensuing debt repayment, we estimate debt to EBITDA is about 5.8x and financial sponsor ownership of the company is slightly above 75%. We are raising all of our ratings on the company, including our corporate credit rating to 'B+' from 'B'. The positive outlook reflects the potential for an upgrade if we expect debt to EBITDA to
