We expect Reception Purchaser LLC's (doing business as STG) leverage will be above 8x in 2023 and 2024 as it faces headwinds from reduced container import volumes and a sharp decline in drayage and intermodal freight rates, stifling its profitability. As a result, we have lowered our issuer credit rating on STG to 'B-' from 'B'. We also lowered our issue-level rating on STG's first-lien term loan to 'B-' from 'B'. The '3' recovery rating is unchanged, indicating our expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The negative outlook reflects our expectation that despite our forecast for slightly improving credit metrics in 2024, we believe continued negative free cash flow (FOCF) generation will
