Winebow Group LLC has performed below our expectations resulting in total adjusted leverage above 8x. We are affirming all ratings on Winebow, including the 'B' corporate credit rating. The recovery ratings remain unchanged. The outlook is negative, reflecting our belief that adjusted credit metrics will remain weaker than initially expected. We would consider a downgrade if performance weakens further or if liquidity becomes constrained. On June 19, 2015, Standard&Poor's Ratings Services affirmed its 'B' corporate credit rating to U.S.-based The Winebow Group LLC. We revised the outlook to negative from stable. At the same time, we affirmed the 'B' issue-level rating on the $230 million first-lien loan due 2021 and the 'CCC+' issue-level rating on the $130 million
