A sharp decline in revenue at Rodan&Fields LLC (R&F) in the second half of 2018 was fundamentally different from our initial expectations for the company to continue to grow at a fast pace. We now expect the company's performance will remain volatile at least through 2019 as it works to stabilize declining sales. As a result, we expect leverage to peak in the mid-3x area in 2019 as compared to our initial expectation for the company to maintain leverage around 2x. We are lowering our issuer credit rating on Rodan&Fields to 'B+' from 'BB-'. At the same time, we are lowering the issue-level rating on the company's senior secured credit facility to 'BB-' from 'BB'. The
