TEXT-S&P FAQ on financial adjustments for retail group Casino

July 27 - France-based retail group Casino Guichard - Perrachon & Cie S.A.
(Casino; BBB-/Stable/A-3) has recently fully consolidated Brazilian
retailer Grupo Pao de Acucar and intends to acquire the 50% stake in its French
subsidiary, chain store Monoprix, that it doesn't already own. Following a
number of enquiries from investors, Standard & Poor's Ratings Services has
published a Credit FAQ titled "Explaining Standard & Poor's Adjustments And
Ratios For French Retail Group Casino," which explains the effect of these
transactions on Standard & Poor's adjustments to Casino's 2012 financial
results.

In this Credit FAQ, we address the following questions:
-- How do the recent transactions modify Standard & Poor's adjustments to
Casino's financial metrics?
-- How does Standard & Poor's calculate Casino's adjusted debt-to-EBITDA
ratio on a proportional basis?
-- What is Standard & Poor's view on cash circulation within the group?
-- How does Standard & Poor's view the execution risks associated with
the recent transactions?

The report is available to subscribers of RatingsDirect on the Global Credit
Portal at www.globalcreditportal.com. If you are not a RatingsDirect
subscriber, you may purchase a copy of the report by calling (1) 212-438-7280
or sending an e-mail to research_request@standardandpoors.com. Ratings
information can also be found on Standard & Poor's public Web site by using
the Ratings search box located in the left column at www.standardandpoors.com.