U.S.-based sock manufacturer Renfro Corp.'s revolver becomes current in February 2020 and its term loan becomes current at the end of March. We believe it may be difficult for Renfro to refinance its debt with satisfactory terms unless it significantly improves EBITDA and cash flow; therefore, we can envision a default occurring over the next six-12 months. We are lowering all our ratings, including the issuer credit rating on Renfro to 'CCC' from 'CCC+' as a result. The negative outlook reflects that we could lower the rating further if we believe a default is inevitable within six months. Renfro's revenue was hurt in fiscal 2020 (ended Jan. 31, 2020) by Fruit Corp.'s (not rated) decision to transfer its license for
