Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly [see our research here: spglobal.com/ratings]. Warehouse automation and services provider Fortna Group Inc. continues to operate at a free operating cash flow (FOCF) deficit through the first quarter of 2025, and we forecast its FOCF will remain negative into 2026. Although Fortna?s liquidity improves with its new $225 million term
