S&P affirms Vitamin Shoppe

Standard & Poor's said it affirmed the B corporate credit rating on Vitamin Shoppe Industries Inc. and removed all the ratings from CreditWatch, where they were placed with positive implications on May 24 following the company's S-1 filing with the Securities and Exchange Commission for an initial public offering.

The outlook is stable.

S&P said it affirmed the issuer's corporate credit rating given current market conditions pointing to the offering as unlikely to occur in the near term.

The ratings reflect the issuer's small size in the highly competitive and fragmented retail vitamin industry, its narrow product focus, the risks of rapid store expansion and highly leveraged capital structure, the agency said.

The company's lease-adjusted total debt-to-EBITDA is about 6 times for the 12 months ended June.

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