Aegis Toxicology Sciences Corp.'s $300 million term loan ($168 million outstanding) is due within six months, on May 9, 2025. As a result, we lowered our issuer credit rating on Aegis to 'CCC-' from 'CCC+' and removed the rating from CreditWatch, where we placed it with negative implications on June 21, 2024. The outlook is negative. At the same time, we lowered our issue-level rating on the company's term loan $300 million term loan ($168 million outstanding as of date) to 'CCC-' from 'CCC+'. The negative outlook reflects the high potential of a default or restructuring over the next six months. The negative outlook reflects that Aegis' term loan is due within six months, implying an increased likelihood of a
