...- U.S.-based Instant Brands Holdings Inc.'s operating performance continues to deteriorate. Absent unforeseen positive developments, we believe the company will face a liquidity shortfall over the near term because its liquidity sources are insufficient to cover its debt service obligations and investment needs. - Therefore, we lowered our issuer credit rating on the company to '###-' from '###+' and our issue-level rating on the company's $450 million first-lien term loan to '###-' from '###+'. The recovery rating on the term loan is '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default. - The negative outlook reflects the probability that we will lower our ratings if the company fails to meet its debt obligations due to insufficient liquidity, or pursue a bankruptcy, distressed debt exchange, or other type of restructuring in the next six months....
