We believe roofing manufacturer TAMKO Building Products will experience lower demand due to delayed roof replacement and fewer housing starts in the current recessionary environment. As a result, we expect revenues and earnings to contract over the next 12 months, which will cause leverage to rise above 5x. We are revising our outlook on TAMKO to negative from stable and affirming our 'BB-' issuer credit rating and issue-level rating on its first-lien term loan due 2026. The negative outlook indicates our belief that leverage could remain above 5x and possibly approach 6x, if recessionary pressures persist and end market demand remains depressed for an extended period. Driving the outlook revision to negative is our view that recessionary pressures and slower
