We no longer see a path for U.S.-based indoor air quality solutions provider Madison IAQ LLC (MIAQ) to improve its S&P Global Ratings-adjusted leverage below 7x (our downgrade threshold at the prior rating) in 2023 because of the weakening macroeconomic environment. Therefore, we downgraded our ratings one notch, including our issuer credit rating to 'B-' from 'B'. The stable outlook reflects our expectation that MIAQ will be able to partially limit the decline in its EBITDA over the next year through pricing, productivity improvements, and some lower input costs, and that it will continue to generate good free operating cash flow (FOCF). We forecast the company's revenue will decline by the low- to mid-single digit percent area in 2023 due
