...Downside Scenario Analysis: Fitch Ratings presents a downside operational and financial scenario to assess the resilience of Volcan's credit profile at the current rating level and what situation would stress the rating to be downgraded. Fitch does not consider this scenario likely to unfold over the long term for Volcan given Fitch's `BBB¡' rating with a Stable Outlook for the issuer. The purpose is to illustrate a situation worse than Volcan's previous conditions during 2014¡2016 that could lead to a downgrade. Rating Pressured 2014¡2016: Volcan's investment-grade rating was under distress for two years as low commodity prices coincided with a heavy capex cycle. Fitch placed Volcan on Negative Outlook during this period as the company's credit metrics and profit margins deteriorated. Volcan's net leverage rose above 3.0x in 2014 and 2015, which was above Fitch's trigger of 2.5x for a downgrade. Fitch maintained Volcan's `BBB¡' rating through this period as cash flow improvement was expected...
