...- U.S.-based Valvoline Inc. lowered its 2019 EBITDA and free cash flow guidance due to the increase in raw material costs. - In addition, we continue to expect the competitive environment its in Core North America segment to remain challenging this year and we forecast adjusted debt to EBITDA in the mid-3x area by the end of fiscal year 2019. - We are lowering our issuer credit rating on Valvoline to '##' from '##+' and our issue-level rating on the senior unsecured notes to '##' from '##+'. At the same time, we are affirming our '###-' issue-level rating on the company's senior secured bank credit facilities. The recovery ratings remain '1' for the senior secured bank credit facilities and '4' for the unsecured notes. - The stable outlook reflects our expectation that Valvoline Inc. will maintain leverage in the low- to mid-3x area and continue to modestly grow revenue and profit, driven by continued momentum in its Quick Lube business while working to stabilize its Core North America...
