...- Toronto-based in-store marketing solutions provider Array Midco Corp. has planned operational initiatives for 2024 that includes closure of the company's Mexican manufacturing operations. Costs associated with these initiatives will weigh on the company's 2024 EBITDA, coverage ratios, and liquidity position. - Given the company's small and volatile EBITDA, we envision heightened risks of default driven by either prolonged operational underperformance or tightening liquidity. - Therefore, S&P Global ratings lowered the issuer credit rating on Array to '###' from '###+'. At the same time, we lowered the issue-level rating on the term loan to '###' from '###+'. - The negative outlook on Array reflects the potential for a lower rating over the next 12 months if we believe that without a positive development, there is a possibility of default, in our view, due to operational underperformance or near-term liquidity crisis leading to a distressed exchange....
