Winebow Group LLC has continued to have soft performance, resulting in total adjusted leverage above 8x. However, we expect free cash flow will remain positive; albeit lower than we previously forecasted, which will delay deleveraging but still slowly improve interest coverage. We are affirming all ratings on Winebow, including the 'B' corporate credit rating. However we are tightening our outlook triggers for a downgrade, including the need for sequential quarterly improvement in EBITDA interest coverage. The recovery ratings remain unchanged. The outlook is negative, reflecting our belief that a turnaround in operating performance will remain modest in the coming quarters, delaying improvement in credit measures. On June 17, 2016, S&P Global Ratings affirmed its 'B' corporate credit rating to U.S.-based
