...+ U.S.-based Winebow Group LLC's operational performance has remained weak through the first three quarters of fiscal 2018 due to lower margins and soft volumes. As a result, the company's cash flow generation continues to be pressured and leverage remains elevated at around 10x. + We are lowering our corporate credit rating on the company to '###+' from 'B-'. + We are lowering our issue-level rating on the company's $230 million first lien term loan to '###+' from 'B-', and the rating on the $130 million second lien term loan to '###-' from '###'. The recovery ratings on these debt instruments remain unchanged at '3' and '6', respectively. + The negative outlook reflects the risk that the company will not be able to improve its operations and strengthen cash flow generation, which could constrain its ability to refinance its revolving credit facility (which matures on July 1, 2020 and becomes current on July 1, 2019) and could lead to erosion of liquidity....
