Renfro Corp.'s proposed two-year extension maturity of its term loan to March 2021 with more relaxed covenants will improve its liquidity position, in our view. The company's operating trends are also improving, mainly because of incremental revenues from its new "Made in the USA" program with Wal-Mart, which should strengthen credit measures. We are revising our outlook on Renfro to stable from negative, and affirming all existing ratings on the company, including our 'B' corporate credit rating. The stable outlook reflects our expectations that the company's improving operating trends and term loan extension will result in improved liquidity, healthier cushion to financial covenants, and better credit measures. On Sept. 26, 2017, S&P Global Ratings revised its ratings outlook on U.S.
