The market impact of COVID-19 has hurt Aretec's earnings, debt-service capacity, and leverage. As a result, we have lowered our issuer credit rating on Aretec to 'B-' from 'B'. At the same time, we lowered our rating on the company's first-lien debt to 'B-' from 'B' and on the second-lien debt to 'CCC' from 'CCC+'. The stable outlook reflects our expectation for Aretec's earnings and debt-service capacity to be under pressure over the next 12 months but for the company to stay in a sufficient liquidity position and maintain a comfortable cushion relative to the springing leverage covenant on its revolving credit facility. On April 3, 2020, S&P Global Ratings lowered its issuer credit rating on Aretec Group Inc. to
