Rinchem Co. LLC's recent issuance of a $45 million incremental first-lien term loan, used to repay the $31 million outstanding balance on its revolving credit facility, has improved its liquidity position. Therefore, we revised our outlook on the company to stable from negative and affirmed our 'CCC+' issuer credit rating. At the same time, we affirmed our 'CCC+' issue-level rating and '3' recovery rating on Rinchem's senior secured first-lien facilities. We revised the rounded estimate to 50% from 55%. The stable outlook reflects improved availability under Rinchem's revolving credit facility that we deem sufficient to cover the negative free cash flow expected in 2024 and 2025, largely precluding a credit or payment crisis. Moreover, we also factor in the incremental
