While we expect earnings at Kymera International LLC to improve within the next 12 months as key customer end markets begin to rebound, we forecast leverage to remain elevated and liquidity to remain tight. We believe there remains execution risk associated with the earnings recovery and the path to more sustainable leverage. We revised our outlook to negative from stable and affirmed our 'B-' issuer credit rating. The negative outlook reflects the risk that we could lower the rating if Kymera does not sustain an improvement in earnings over the coming quarters. The negative outlook reflects the risk that we could lower the rating if Kymera does not sustain an improvement in earnings over the coming quarters, resulting in liquidity
