...Vantage Specialty Chemicals, Inc's (Vantage; B/Negative) rating reflects its levered capital structure, tight interest coverage and geographic concentration. The rating is supported by Vantage's competitive position and operational success from revamping its commercial strategy with a focus on products and customers that generate higher profitability and asset utilization The Negative Outlook is informed by Vantage's weaker operating performance and higher EBITDA leverage in 2023, coupled with a need to address its upcoming revolver maturity. Fitch Ratings anticipates that Vantage's elevated EBITDA leverage will gradually improve in the coming years....
