U.S. bicycle component manufacturer SRAM LLC's recent improved operating performance and lower debt balances result in improved credit measures. We are raising our corporate credit rating on SRAM LLC to 'B+' from 'B'. We are also raising our issue-level ratings to 'B+' from 'B', in line with the upgrade of the company. The recovery rating remains '3'. The stable outlook reflects our expectation for good operating performance in SRAM's original equipment manufacturer (OEM) and aftermarket channels, combined with continued voluntary debt repayment with excess cash flow, that will allow the company to continue to reduce leverage through 2019. We expect that SRAM will have a significant cushion compared to our 5x downgrade adjusted debt to EBITDA downgrade threshold. On April
