...- We believe the foodservice industry is facing very challenging conditions due to the coronavirus pandemic and the government's emphasis on social distancing, which will negatively affect Ring Container Technologies Group LLC and materially increase its debt leverage to more than 6.5x in the next few quarters due to the company's significant exposure to foodservice (primarily for its edible-oil packaging). - Therefore, we are lowering our issuer credit rating on Oakland, Tenn.-based Ring Container Technologies to 'B-' from 'B'. - At the same time, we are lowering our issue-level rating on the company's senior secured revolving credit facility and first-lien term loan to 'B-' from 'B'. Our '3' recovery rating on the facilities remains unchanged. - The negative outlook on Ring Container Technologies Group LLC reflects the one-in-three chance we will downgrade the company if its liquidity becomes constrained due to prolonged weakness in the restaurant and foodservice end markets. In particular,...
