BMC exceeded our expectations for its operating performance over the last three fiscal years and leverage has slowly but steadily improved through a combination of EBITDA growth and debt reduction. We affirmed our 'B-' issuer credit rating on Banff Parent Inc. and revised the outlook to positive from stable. The positive outlook reflects our view that we could upgrade over the next 12 months based on continued steady improvement in credit metrics. For our full credit rating rationale, see our report on Banff Parent Inc. published Aug. 9, 2023. The positive outlook reflects our view that credit metrics could justify an upgrade over the next 12 months given the company's consistent operating performance. BMC has delivered mid- to high-single-digit constant
