...Gibson Brands, Inc.'s credit profile ("Gibson" B3 negative) reflects strong brand awareness and reputation for quality guitars, product innovation, geographic diversification and omnichannel distribution network. The credit profile is constrained by the discretionary nature of musical instruments whose demand is highly sensitive to consumer spending, inflationary pressures, and economic slowdowns. High leverage, small scale with annual revenue of approximately $400 million, narrow product portfolio and customer concentration also elevate credit risk. Leverage is high with debt/EBITDA of 5.7x for the last twelve months ending September 30, 2022 on a Moody's adjusted basis. We anticipate that leverage will increase further to 7x over the next 12 months, as the company's profitability will remain constrained amid currency pressures and higher costs. Gibson's adequate liquidity is supported by availability on its recently upsized $75 million asset-based lending revolver expiring in December...