...FFO-adjusted net leverage (including PIK debt) above 8.5x, FFO-fixed-charge cover below 1.2x and EBITDA margin below 10% with a negative FCF margin would be ratings negative. FFO-adjusted net leverage (including PIK debt) consistently below 6.5x, FFO-fixed-charge cover moving towards 2.0x and FCF margin sustainably above 3.5%, along with sustained profit margins, would be ratings positive....