Matthews International Corp.'s debt matures in 2025 and its $750 million revolving credit facility ($463 million outstanding) will be current in March 2024, and refinancing risk is increasing as the maturity approaches. The company recently reported solid operating results showing improvement in all three segments, and we continue to expect adjusted debt to EBITDA in the 3.5x-4.5x range. As a result, we revised the outlook to negative from stable. At the same time, we affirmed our 'BB' long-term issuer credit rating on the company. The negative outlook reflects the increasing refinancing risk and the possibility that the company's revolving credit facility could become current, despite mostly positive operating results and decreasing leverage. We expect industrial technologies to continue its rapid
