We expect JW Aluminum Continuous Cast Co. (JWA) will sustain positive free operating cash flow (FOCF) and leverage well below 4x in 2024. We anticipate the improving credit profile to support ongoing capital expenditure (capex) at its Mt. Holly facility and modest shareholder distributions to its financial sponsor. We have affirmed our 'B-' issuer credit rating on JWA and revised the outlook to positive. The positive outlook reflects our view that JWA credit profile is strengthening is as it completes its plant rationalization program leading to higher margins, sustained lower leverage and positive discretionary cash flow. The Mt. Holly facility represents over 80% of the total production base. This is a key risk, as a prolonged work stoppage could reduce
