The speculative-grade rating on privately owned C&S Wholesale Grocers Inc. and 75% owned subsidiary C&S Group Enterprises LLC reflect Standard&Poor's Ratings Services' expectations that the Keene, N.H.-based company's financial risk profile will remain aggressive, as we see no significant improvement in its high debt leverage, characteristically thin margins, and moderate cash flow protection measures. We estimate that revenues should remain positive into fiscal 2012 because of higher unit volume and commodity prices. However, we estimate that margins will likely be relatively flat. We view C&S Wholesale Grocers' business risk profile as weak, even though the company is one of the leading wholesale grocery distributors in the U.S. We base this on its significant customer concentration. In our view,
