The stable outlook reflects our expectation that Kymera's debt leverage will improve to 7.5x-8.0x over the next 12 months from 15.4x in 2020, driven by volume growth and high commodity prices for most of 2021. We anticipate the company will maintain adequate liquidity supported by positive funds from operations and modest fixed charges. We could lower our ratings on Kymera if its earnings deteriorated sharply, possibly due to a sharp decline in commodity prices or the permanent loss of one or more key customers. Specifically, we would downgrade the company if: Its interest coverage fell below 1x, The cushion under its financial covenant declined below 15%, or We assessed its liquidity as less than adequate. We could raise our ratings
