Georgia-based provider of uniform rentals and workplace supplies Vestis Corp. revised its full-year guidance sharply downward, which will weaken its credit metrics more than we initially expected. The company revealed recently elevated customer attrition rates and slower-than-anticipated new sales activity, which we believe could hinder its growth plans. Therefore, we lowered all our ratings on Vestis by one notch, including our issuer credit rating, to 'BB-' from 'BB' because we now expect it to sustain leverage above 4x. The negative outlook reflects that we could lower our rating again if the company cannot turn around its performance due to persistently weak new customer wins or elevated attrition. The company's lofty goals for new business wins were proven unrealistic, while additional
