CHICAGO (S&P Global Ratings) June 13, 2016--S&P Global Ratings today assigned its 'B' issue rating to Rosemont, Ill.-based US Foods Inc.'s proposed $500 million senior unsecured notes due 2024. The recovery rating on the notes is '5', indicating that creditors could expect modest (10% to 30%, in the upper half of the range) recovery in the event of a payment default. The rating incorporates our assumption that US Foods will complete its recently announced refinancing plan on substantially the terms presented to us. This includes refinancing the existing $2.1 billion term loan B due 2019, repaying the $1.35 billion senior unsecured notes due 2019, and, later this summer, the defeasance of the $472 million commercial mortgage-backed security (CMBS; unrated) facility
