...- Albany, N.Y.-based Albany Molecular Research Inc.'s (AMRI) earnings and cash flow generation have been trending better than we previously expected due to cost savings achieved in 2019 that we believe are sustainable, and helped by demand for COVID-19 related products in most recent quarters. - Over the next couple of years, we expect adjusted debt to EBITDA to be in the low-5x area and adjusted free operating cash flow (FOCF) to debt of 4%-6%. These credit measures are in line with our previously stated upgrade triggers for the rating, which included adjusted debt to EBITDA below 6.5x and adjusted FOCF to debt of 3%-4%. - As a result, we raised our ratings on the company by one notch, including the issuer credit rating to 'B' from 'B-'. The outlook is stable. - The stable outlook reflects our expectation of high-single-digit percentage revenue growth in 2021, steady EBITDA margins of about 18%-20%, decent free cash flow generation and adjusted debt to EBITDA sustained below 6.5x....
