Albany, N.Y.-based contract development and manufacturing organization (CDMO) Albany Molecular Research Inc. (AMRI) has reported higher-than-expected expenses and capital expenditures, despite meeting our revenue forecast. To meet our 2019 forecast, AMRI will have to make solid headway on its efficiency initiatives over the back half of the year while continuing to capture new business and filling new capacity. We are affirming our 'B' long-term corporate credit rating on the company. At the same time, we are revising the outlook to negative from stable. We are also affirming our 'B' first-lien issue-level rating and 'B-' second-lien issue-level rating on the company. The negative outlook reflects risk to our base case that leverage will decline to the 7x area or below in
