S&P rates UNFI notes CCC+

S&P said it assigned CCC+ issue and 6 recovery ratings to United Natural Foods Inc.’s (UNFI) planned $400 million senior unsecured notes, which will partially repay the company's senior secured term loan.

The agency also revised the outlook to positive from negative and affirmed all its ratings for the company.

“The positive outlook reflects improvement in performance trends that will support S&P Global Ratings adjusted leverage to decline to around 5x in fiscal 2021 and that annual free operating cash flow will likely exceed $150 million annually,” S&P said in a press release.

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