US Foods Inc.'s Proposed $600 Million Senior Unsecured Notes Due 2029 Rated 'B+' (Recovery Rating: '5') - S&P Global Ratings’ Credit Research

US Foods Inc.'s Proposed $600 Million Senior Unsecured Notes Due 2029 Rated 'B+' (Recovery Rating: '5')

US Foods Inc.'s Proposed $600 Million Senior Unsecured Notes Due 2029 Rated 'B+' (Recovery Rating: '5') - S&P Global Ratings’ Credit Research
US Foods Inc.'s Proposed $600 Million Senior Unsecured Notes Due 2029 Rated 'B+' (Recovery Rating: '5')
Published Jan 25, 2021
3 pages (1447 words) — Published Jan 25, 2021
Price US$ 150.00  |  Buy this Report Now

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Abstract:

CHICAGO (S&P Global Ratings) Jan. 25, 2021--S&P Global Ratings today assigned its 'B+' issue-level rating and '5' recovery rating to US Foods Inc.'s (USF) proposed $600 million senior unsecured notes due 2029. The company will use the net proceeds from this leverage-neutral transaction to repay its $600 million 5.875% senior unsecured notes due 2024. All our existing ratings on the company, include our 'BB-' issuer credit rating and stable outlook, are unchanged. Our ratings on USF incorporate our assumption that the coronavirus pandemic's substantial negative effect on its profits will gradually diminish in 2021--notwithstanding the continued weakness in the first quarter--resulting in adjusted leverage approaching 5x by the end of the year, which compares with about 7.5x-8.0x in 2020 (excluding

  
Brief Excerpt:

...- General Criteria: Group Rating Methodology, July 1, 2019 - General Criteria: Hybrid Capital: Methodology And Assumptions, July 1, 2019...

  
Report Type:

Ratings Action

Ticker
UFS
Issuer
US Foods Inc.
GICS
Food Distributors (30101020)
Sector
Global Issuers
Country
United States
Region
United States
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "US Foods Inc.'s Proposed $600 Million Senior Unsecured Notes Due 2029 Rated 'B+' (Recovery Rating: '5')" Jan 25, 2021. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/US-Foods-Inc-s-Proposed-600-Million-Senior-Unsecured-Notes-Due-2029-Rated-B-Recovery-Rating-5-2584046>
  
APA:
S&P Global Ratings’ Credit Research. (). US Foods Inc.'s Proposed $600 Million Senior Unsecured Notes Due 2029 Rated 'B+' (Recovery Rating: '5') Jan 25, 2021. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/US-Foods-Inc-s-Proposed-600-Million-Senior-Unsecured-Notes-Due-2029-Rated-B-Recovery-Rating-5-2584046>
  
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