...- Inmar Inc., a Winston-Salem-based provider of technology-enabled coupon and inventory, logistics, and settlement services, has expanded margins slower than we anticipated since its $464 million acquisition of YouTech in early 2019. - We now expect leverage of around 8x in fiscal 2020, above our previous expectations of the high-6x area and our 7x downgrade trigger. - Accordingly, we are lowering the issuer credit rating on Inmar to 'B-' from 'B'. - We are also lowering our ratings on the company's first-lien credit facility to 'B-' from 'B' and its second-lien term to '###' from '###+'. Our recovery ratings remain unchanged. - The stable outlook reflects our expectation that despite the elevated leverage, Inmar will continue to exhibit stable performance, with flat to low-single-digit organic growth rates and gradual margin expansion, resulting in leverage declining to the 8x area in 2020 and mid-7x area in 2021....
