This report does not constitute a rating action. Overview Key strengths Key risks Market leader in release liners (a paper or film sheet that prevents a sticky surface from prematurely adhering). Elevated debt leverage. Diversified end markets. Narrow product focus. Positive cash flow generation. Customer concentration. Steady market demand will likely improve PHM Netherlands Midco B.V.'s credit metrics over the next 12 months: We anticipate the company will maintain leverage in the low- to mid-6x range as its EBITDA continues to recover over the next 12 months on improving end-market demand. The demand for PHM's products has picked up as the headwinds from the COVID-19 pandemic have subsided, leading to improved pricing across its Advanced Release Solutions and Consumer And
