U.S.-based wholesale food distributor United Natural Foods Inc. (UNFI) fell short of S&P Global Ratings' expectations for the full year fiscal 2019 (ended August 30) as the company posted weaker revenue growth and earnings and lowered its long term forward guidance. We now expect UNFI's (S&P Global Ratings adjusted, including one-time costs) leverage to be in the high 5x area in fiscal 2020 pro forma for the anticipated sale of its remaining Supervalu retail banners, which is materially weaker than the high-4x area we previously expected. We believe center-store softness; more price competition; and sizable one-time restructuring-, acquisition-, and integration-related expenses in fiscal 2019, combined with weak performance from the acquired Supervalu Inc. (SVU) wholesale business have led to lower
