...- Albany, N.Y.-based contract development and manufacturing organization (CDMO) Albany Molecular Research Inc. (AMRI) has significantly improved financial performance in the last few quarters, with good top-line growth, significant margin improvement, and a return to free cash flow generation, following significant underperformance during 2018 and 2019. - We believe it's premature to conclude these positive trends are entirely sustainable, especially given the substantial cost cutting, near-term increase in demand from COVID-19-related products, and maintenance shutdowns planned for the current quarter. Our confidence in the sustainability of these positive trends will likely increase if they persist over coming quarters. - We are affirming our 'B-' issuer credit rating on AMRI and revising our outlook to stable from negative. - The stable outlook reflects the company's decent competitive position, leverage in the 6x-7x range, good cash balances (about $40 million as of June 2020), full...
