PMHC II Inc.'s (doing business as [d/b/a] Vibrantz Technologies Inc.) pro forma earnings have been pressured due to an unfavorable macroeconomic environment affecting key geographic areas and certain cyclical end markets, leading to debt leverage, cash flow, and coverage metrics that are relatively weaker than our previously published expectations. We revised the outlook to negative from stable and affirmed all the ratings, including the 'B-' issuer credit rating on the company, the 'B-' issue-level rating on the senior secured debt, and the 'CCC+' issue-level rating on the senior unsecured debt. The negative outlook reflects the potential for a lower rating within the next 12 months if the company's performance deteriorated such that pro forma weighted average credit metrics were weaker
