...- U.S.-based metals powder producer Alchemy International Holdings LLC (Kymera) sells its products in acutely distressed transportation-related end markets that will likely to take some time to recover from the effects of the coronavirus pandemic. - This is in addition to the pre-existing headwinds the company is facing stemming from the uncertainty around global trade policy as well as a temporary weather related shutdown at a key customer. - Therefore, we are lowering our issuer credit rating on Kymera to 'B-' from 'B' to reflect our expectation for weaker credit measures. - At the same time, we are lowering our issue-level rating on the company's $420 million first-lien term loan due 2025 ($413 million outstanding) to 'B-' from 'B'. The '3' recovery rating remains unchanged. - The stable outlook reflects our expectation that Kymera's debt leverage will remain above 6x over the next 12 months. Nevertheless, we anticipate that the company will maintain adequate levels of liquidity despite...
