We expect PMHC II Inc.'s (d/b/a Vibrantz Technologies Inc.) EBITDA and cash flows in 2024 to be weaker than our prior forecast due to continued softness in end-market demand and higher-than-anticipated restructuring costs, keeping debt leverage elevated. At the same time, we anticipate a sequential earnings improvement in the fourth quarter of 2024 primarily from productivity gains and margin expansion, lowering its S&P Global Ratings-adjusted debt to EBITDA to below 8.5x. We expect the near-term improvement to persist on continued capture of productivity savings supported by a slight improvement in volumes, resulting in its debt to EBITDA being on the higher end of 7x-8x on a weighted-average basis. Therefore, we affirmed our 'B-' issuer credit rating on Vibrantz, our 'B-'
