The stable outlook reflects our expectation that robust end market demand and ongoing operational efficiency improvements will support Carpenter Technology Corp.'s operating performance over the next 24 months. Over the next two years, we expect EBITDA to grow somewhere between $30 million and $50 million while debt remains relatively flat, which will result in sustained lower debt leverage. We expect adjusted debt to EBITDA to remain well below 3x in fiscal 2019 and 2020 with EBITDA margins of approximately 15%. We could raise our rating on Carpenter if debt to EBITDA approaches 2x and if the company demonstrates the ability to maintain leverage at this level even under more volatile product demand conditions. This could follow from sustained growth in
