NY -- Standard&Poor's CreditWire 6/30/97 -- Standard&Poor's today has affirmed its double-'B'-minus corporate credit and senior debt ratings, as well as its single-'B' subordinated debt rating of Rykoff-Sexton Inc. The affirmations follow the company's announcement of a definitive agreement under which JP Foodservice and Rykoff will merge through an exchange of stock. Rykoff shareholders will receive JP Foodservice shares, and JP Foodservice will assume approximately $700 million of Rykoff debt. All operating units of the combined business will be renamed as U.S. Foodservice. The ratings outlook is stable. Rykoff-Sexton had about $507 million of total debt (excluding off balance sheet receivables financing) outstanding at March 29, 1997. This merger announcement follows the 1996 merger with U.S.
