CHICAGO (S&P Global Ratings) June 27, 2019--Conagra Brands Inc.'s results for the fourth quarter ended May 26, 2019, missed our expectations by around 10% due mainly to intensifying competition in certain canned and frozen categories, the impact of product recalls, and lower Ardent Mills joint venture distributions. Despite the weak quarter, we estimate adjusted leverage is at or slightly below 5x--in line with our expectations--since the company used free cash flow and net asset disposal proceeds for debt reduction. On the positive side, management indicated it continues to make progress stabilizing Pinnacle Foods, and has hit several key integration milestones, including the successful conversion of certain enterprise resource planning systems. Tough promotions by competitors hurt Chef Boyardee, Hunt's canned tomatoes,
