Incoming mail classified SPAM - SPF failure in error?

Incoming mail classified SPAM - SPF failure in error?

I am on more than 1 email list that has messages classified as spam and the headers are indicating SPF: Fail.
However, I don't think that is correct. For example:

Received-SPF: Fail (zoho.com: domain of bounce-27_HTML-1340531-196053-6263222-706@bounce.email.safeway.com does not designate 198.245.87.80 as permitted sender )  client-ip: 198.245.87.80

When I look at SPF record for bounce.email.safeway.com, I get:
Non-authoritative answer:
bounce.email.safeway.com        text =

        "spf2.0/pra include:cust-senderid.exacttarget.com -all"
bounce.email.safeway.com        text =

        "v=spf1 include:cust-spf.exacttarget.com -all"

Which is saying - look at the spf record for either cust-senderid.exacttarget.com (for SPF2) or cust-spf.exacttarget.com

Both of the above have SPF records that INCLUDE (designate) 198.245.87.80 as permitted sender.  (198.245.80.0/20)
So, why is it failing Zoho's SPF check?