Performance Food Group Inc. Nov 11
Standard & Poors, November 2011
Abstract
No. 3 position in historically stable food service distribution industry. Very weak profitability; Exposure to food and fuel cost increases; Highly competitive environment; and Very aggressive financial policy. The ratings on Performance Food Group Inc. (PFG; formerly Vistar Corp.) reflect Standard & Poor's Ratings Services' view that although the company should be able to modestly improve credit measures over the next 12 to 24 months, ratios will remain consistent with a highly leveraged financial risk profile, including forecasted leverage in the mid- to high-5x area. The company's very aggressive financial policy, including expectations for continued acquisition activity and the potential for further shareholder distributions to its financial sponsors, is a key risk factor. PFG's credit metrics are weak, but we...
Companies mentioned in this report are: Performance Food Group Inc.
Action: Review
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: Full Analysis
Performance Food Group Inc.
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