We expect Astra Acquisition Corp. (doing business as Anthology), a global provider of cloud-based software for higher education institutions, will generate negative free cash flow of about $80 million in fiscal year 2023 with S&P Global Ratings-adjusted leverage in the 10x area. Therefore, we revised our outlook on the company to negative from stable and affirmed our 'B-' issuer credit rating. The negative outlook reflects our expectation Anthology will generate negative free cash flow in fiscal year 2023 and that its EBITDA interest coverage ratio will fall below 1x during the year. Although the company has sufficient liquidity, the negative outlook captures the risk that its business fundamentals will weaken despite its ongoing investment in Blackboard's products, resulting in additional
