Prolonged commodity cost inflation over the past year has led to margin deterioration for Sabre Industries Inc. The company has maintained leverage above 8x for the last three quarters, and we expect it to remain elevated through the next fiscal year. We lowered the issuer credit rating on Sabre to 'B-' from 'B'. The outlook is stable. At the same time, we lowered our issue-level rating on Sabre's $1 billion first-lien credit facility--comprising a $125 million revolving credit facility due in 2026 and $875 million term loan due in 2028--to 'B-' from 'B'. Our '3' recovery rating is unchanged. The stable outlook reflects our view that while we expect Sabre's leverage to remain elevated over the next 12 months, we
