Superior Industries International Inc. is facing increased refinancing risk because the majority of its capital structure will become current over the next 6-12 months and could strain its sources of liquidity if maturities are not addressed in a timely manner. Therefore, we revised our outlook to negative from stable and affirmed our 'B-' issuer credit rating. The negative outlook reflects our expectation that Superior could face challenges addressing its debt maturities, affecting the entire capital structure over the next couple quarters. We expect credit metrics will be somewhat weaker in 2023 with leverage above 6x, but we believe leverage will revert back down to between 5x-6x in 2024 and 2025 as margins recover. In 2023, we expect free operating cash
