We are revising downward our base-case EBITDA forecast through 2017 for U.S. bicycle components maker SRAM LLC due to weak anticipated operating performance. As a result, we expect lease-adjusted debt to EBITDA to be above 5x through 2017. We are lowering our corporate credit rating to 'B' from 'B+'. We are also lowering the issue-level rating on the company's senior secured debt one notch to 'B', in line with our recovery notching criteria and the lower corporate credit rating. The stable outlook reflects our expectation for order volumes to begin to stabilize by the end of 2016 and good EBITDA coverage of interest expense in the high-3x to low-4x range through 2017. On Feb. 24, 2016, Standard&Poor's Ratings
