We expect U.S.-based The Chefs' Warehouse Inc. will strengthen profitability as it maintains good growth in case volumes with independent restaurants, and as food input cost inflation returns to modest levels. We project the company can reduce leverage to below 5x over the next year, unless it makes debt-financed acquisitions that result in meaningful credit metric deterioration. We are affirming our 'B' corporate credit rating on the foodservice distribution company. We are also affirming our 'B' issue-level rating on the company's senior secured first-lien term loan and delayed draw first-lien term loan. Our stable outlook reflects our expectation that leverage will improve to the high-4x area over the next year. On June 28, 2017, S&P Global Ratings affirmed its 'B'
