...June 6, 2019 - Disputes in global trade, including the possibility of additional tariffs, is pressuring the Chinese and Mexican operations of North Carolina-based Elevate Textiles Inc. - As a result, we expect the company will continue to face revenue and margin pressures, and we project the company's free operating cash flow (FOCF) weakening to around $10 million in 2019. - We revised our ratings outlook to negative from stable, while affirming all ratings on the company, including the 'B' issuer credit rating. - The negative outlook reflects that we could lower our ratings if tariffs are enacted on imported Mexican goods and ongoing customer losses in China lead to weaker operating performance, negative FOCF, and leverage sustained above 7x. CHICAGO (S&P Global Ratings) June 6, 2019--S&P Global Ratings today took the rating actions listed above. The outlook revision reflects the risk that the company's credit metrics and cash flow could weaken from our base case projections, as its Chinese...
