Albany, N.Y.-based pharmaceutical contract development and manufacturing organization (CDMO) Curia Global Inc. (formerly Albany Molecular Research Inc.) has underperformed our expectations and interest rates have increased rapidly, raising leverage above 14x and widening free cash flow deficits. We expect these deficits to strain its liquidity position over the next 24 months. As a result, we revised our outlook to negative from stable and affirmed the 'CCC+' issuer credit rating. At the same time, we affirmed our 'CCC+' rating on the company's first-lien debt. The recovery rating on this debt remains '3'. The negative outlook reflects the potential that we could lower our rating on Curia due to deteriorating liquidity arising from negative free operating cash (FOCF) flow. As a result
