S&P rates Whole Foods notes BBB-

Standard & Poor's said it assigned its BBB- issue-level rating to Whole Foods Market Inc.'s proposed $500 million senior unsecured notes due 2025.

The company plans to use the net proceeds from the note issuance for general corporate purposes, including share repurchases.

S&P previously indicated that additional debt could be up to $1 billion.

S&P’s ratings and negative outlook on the corporate credit rating reflect its view that Whole Foods remains the leader in the natural and organic sub segment of the highly fragmented food retail industry, yet its overall share of the food retail industry is still relatively small and under pressure, the agency said.

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