...+ Water treatment products manufacturer Innovative Water Care Global Corp.'s (IWC's) operating performance has been significantly weaker than we expected because of volume declines, input cost inflation, and heightened distribution costs related to new product placements to regain lost market share. + After adjusting for transaction-related and transition costs, we now forecast S&P Global Ratings-adjusted S&P Global Ratings-adjusted pro-forma debt to EBITDA to remain closer to 12x for fiscal 2019 compared to our previous expectation of approaching 5x. + We are lowering our issuer credit rating to 'B-' from 'B', our issue-level rating on IWC's $360 million first-lien term loan due February 2026 to 'B-' from 'B'(with a recovery rating of '3' reflecting a rounded estimate recovery of 65% in the event of a payment default), and our issue-level rating on the company's $100 million second-lien term loan due February 2027 to '###+' from 'B-' (with a recovery rating of '5' reflecting a rounded...
