...+ U.S. beer marketer Blue Ribbon Intermediate Holdings LLC's year-to-date performance continues to suffer significant top-line declines (much of it from planned exits in craft and hard cider), but it is aggressively cutting costs to right size its operations, improve EBITDA, and sustain its historically healthy cash flows. + Still, liquidity will become pressured as its revolving credit facility comes current (due within a year) in November 2018 and is not likely to be extended until the company's pending November trial for its lawsuit against its primary brewer, MillerCoors, is resolved. + We are affirming all ratings, including the 'B' issuer credit rating. + The negative outlook reflects the risk that the company's revolving credit facility does not get extended in the coming quarters, as well as uncertainty over the timing and magnitude of anticipated cost cuts, which we believe will be critical for the company to continue to generate healthy levels of free operating cash flow (FOCF)...
