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Summary: C&S Wholesale Grocers

Published May 02, 2014

1965 words — Published May 02, 2014

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Abstract:

Largest wholesale grocery distributor in the U.S. based on revenue; A fairly low-cost operator because of 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; and High swings in working capital to fund inventory investments. The stable outlook reflects our expectations that C&S will maintain credit protection measures in line with a significant financial risk profile because of its ability to grow sales volume despite margin pressure and mature industry conditions for grocery retailing, resulting in debt leverage in the mid- to high-3.0x area and funds from operations (FFO) to total debt in the 20% range. We could lower the rating if

Brief Excerpt:

RESEARCH Summary: C&S Wholesale Grocers Publication date: 02-May-2014 Primary Credit Analyst: Kristina Koltunicki, New York (1) 212-438-7242; kristina.koltunicki@standardandpoors.com Secondary Contact: Charles Pinson-Rose, New York...

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

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 – 2016/03/07 – US$ 225.00

Summary: C&S Wholesale Grocers – 2017/09/07 – US$ 225.00

Research Update: C&S Wholesale Grocers Downgraded To 'BB-' On Weak Performance And Customer Base; Outlook Negative – 2018/06/13 – US$ 225.00

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 – 2013/04/19 – US$ 225.00

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

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

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MLA:	S&P Global Ratings’ Credit Research. "Summary: C&S Wholesale Grocers" May 02, 2014. Alacra Store. May 12, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-C-S-Wholesale-Grocers-1308809>

APA:	S&P Global Ratings’ Credit Research. (). Summary: C&S Wholesale Grocers May 02, 2014. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-C-S-Wholesale-Grocers-1308809>

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