This report does not constitute a rating action. Overview Key strengths Key risks Solid market position in release liners. Unsustainable capital structure. Reasonably diversified revenue regions and end markets. Tight liquidity cushion. Long tenured relationships with key customers. Narrow product focus relative to other rated peers. The company?s relatively high debt levels and our expectation of modest earnings expansion will keep its S&P Global Ratings-adjusted debt to EBITDA elevated and its EBITDA interest coverage below 1x through fiscal years 2025 and 2026. This is as its $11 million legacy first-lien term loan comes due in 2026, and almost $1 billion capital structure matures in 2027. Despite our expectation for sequential improvements in shipped volume—we expect modest market recovery will drive
