, completed a recapitalization transaction. The transaction has significantly lowered Germany-based OXEA's gross debt and considerably raised its cash balance, such that we anticipate S&P Global Ratings-adjusted debt to EBITDA will reduce to 5.0x-5.5x in 2025-2026, from over 10.0x in 2024. The company has also completed a major capex program in its Bay City facility in Texas, which is expected to boost activity and profitability, and we expect OXEA to post positive free operating cash flow (FOCF) in 2025-2026. However, underlying macro-conditions remain volatile and uncertain. We therefore raised our long-term issuer credit rating on OQ Chemicals International Holding GmbH as well as OXEA?s other issuing entities and our issue rating on the company's senior secured debt to 'B-' from
