U.S.-based Elevate Textiles Inc.'s $125 million asset-based lending (ABL) revolver is current and its $585 million first-lien term loan will become current on May 1, 2023. There is heightened refinancing risk, reflecting market volatility and increasing interest rates, which raises uncertainty around the company's ability to refinance its debt on satisfactory terms. Therefore, we lowered our issuer credit rating on Elevate to 'CCC' from 'CCC+'. Concurrently, we lowered our issue-level rating on the company's first-lien term loan to 'CCC' from 'CCC+' and rating on its second-lien term loan to 'CCC-' from 'CCC'. The respective recovery ratings are unchanged at '3' and '5'. Subsequently, we withdrew all our ratings on Elevate at the issuer's request. We subsequently withdrew all of our
