U.S.-based Instant Brands Holdings Inc. (formerly Corelle Brands Holdings Inc.) reported weaker-than-expected operating results in the third quarter (ended Sept. 30, 2021) due to global supply chain disruptions and inflation. As a result, we revised our outlook to negative from stable and affirmed our 'B' issuer credit rating on Instant Brands. The negative outlook reflects the possibility that we could lower the ratings over the next year if Instant Brands sustains leverage above 6.5x and its operating performance and cash flow do not improve. The negative outlook reflects our expectation that we could downgrade Instant Brands over the next 12 months if operating performance does not improve. We could lower the ratings if the company's operating performance deteriorates such that
