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Summary: C&S Wholesale Grocers

Published Apr 19, 2013

1856 words — Published Apr 19, 2013

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Abstract:

Largest wholesale grocery distributor in the U.S. based on revenue; A fairly low-cost operator due to its size and economies of scale; Significant customer concentration; and Thin but stable profitability. Significant debt leverage including off-balance sheet multi-employer pension liabilities and capitalized operating leases; High swings in working capital to fund inventory investments; and Adequate liquidity. Our stable outlook reflects our expectation that C&S Wholesale Grocers will maintain credit protection measures in line with the "aggressive" financial risk profile despite a modest decline in earnings and slower revenue growth in fiscal 2013. We would consider a downgrade if operating performance deteriorated to such an extent that total debt-to-EBITDA increased to and was sustained at more than 5.0x. Assuming no change in

Brief Excerpt:

RESEARCH Summary: C&S Wholesale Grocers Publication date: 19-Apr-2013 Primary Credit Analyst: Ana Lai, CFA, New York (1) 212-438-6895; ana_lai@standardandpoors.com Secondary Contact: Charles Pinson-Rose, New York (1) 212-438-4944;...

Report Type:

Summary

Ticker

22983Z

Issuer

C&S Wholesale Grocers

GICS

Food Distributors (30101020)

Sector

Global Issuers

Country

United States

Region

United States

Format:

HTML

C&S Wholesale Grocers Upgraded To 'BB', Outlook Stable On Improved Financial Risk Profile – 2013/10/15 – US$ 150.00

Research Update: C&S Wholesale Grocers Upgraded To 'BB', Outlook Stable On Improved Financial Risk Profile – 2013/10/15 – US$ 225.00

Summary: C&S Wholesale Grocers – 2014/05/02 – US$ 225.00

Research Update: C&S Wholesale Grocers 'BB' Corporate Credit Rating Affirmed On Refinancing, Outlook Stable; New Debt Rated – 2014/06/25 – US$ 225.00

C&S Wholesale Grocers 'BB' Corporate Credit Rating Affirmed On Refinancing, Outlook Stable; New Debt Rated – 2014/06/25 – US$ 150.00

Summary: C&S Wholesale Grocers – 2012/10/18 – US$ 225.00

C&S Wholesale Grocers – 2012/04/26 – US$ 500.00

Summary: C&S Wholesale Grocers – 2012/04/26 – US$ 225.00

Summary: C&S Wholesale Grocers – 2011/10/26 – US$ 225.00

C&S Wholesale Grocers – 2011/04/28 – US$ 500.00

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Cite this Report


MLA:	S&P Global Ratings’ Credit Research. "Summary: C&S Wholesale Grocers" Apr 19, 2013. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-C-S-Wholesale-Grocers-1119001>

APA:	S&P Global Ratings’ Credit Research. (). Summary: C&S Wholesale Grocers Apr 19, 2013. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-C-S-Wholesale-Grocers-1119001>

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