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Fleming Cos. Inc. Ratings Placed on CreditWatch Negative Jan 02
Standard & Poors, January 2002
NEW YORK (Standard & Poor's) Jan. 22, 2002--Standard & Poor's today placed its ratings on Fleming Cos. Inc. on CreditWatch with negative implications (see list below). The placement reflects uncertainty about the impact of Kmart Corp.'s bankruptcy filing today on Fleming. These uncertain issues include the extent of Kmart's downsizing of its store base and the resulting impact on Fleming's capacity utilization and profitability, and what changes, if any, may be made to the existing supply contract between Kmart and Fleming. Fleming's $4.5 billion 10-year supply chain agreement with Kmart Corp., effective June 2001, covers distribution of substantially all of Kmart's food and consumables products. Although Fleming has stopped shipping to Kmart, it intends to resume Kmart deliveries upon receiving...
Companies mentioned in this report are: Kmart Holding Corp.
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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Kmart Holding Corp.