...- U.S.-based sock manufacturer Renfro Corp. announced weak second-quarter earnings that put year-to-date results well below our expectations, and we believe it is likely the company will breach its covenants in the second half of the year unless it receives an amendment from lenders. - In addition, all of Renfro's debt matures in less than two years, and we believe it may be difficult for Renfro to refinance with satisfactory terms unless it significantly improves EBITDA and cash flow. - We are lowering all our ratings, including the issuer credit rating on Renfro to '###+' from 'B' as a result. - The negative outlook reflects that we could lower the ratings if the company is not able to refinance its revolver and term loan before they become current at the end of Feb. 2020 and March 2020, respectively. In our view, this would impair Renfro's liquidity enough that we could envision a default occurring over the subsequent twelve months....
