The stable outlook reflects our expectation that reduced order volumes and EBITDA will nonetheless support leverage below the 4x downgrade threshold while 2020 sales are weak because of the pandemic. We expect EBITDA coverage of interest expense to be greater than 6x through 2021, good for the current rating. However, further ratings upside is unlikely, given the company's tolerance for leverage of up to 3x to accommodate future distributions and high potential operating volatility. We could lower the rating if revenue and EBITDA volatility increase to where we believe the company cannot sustain leverage below 4x. Although unlikely, we would consider higher ratings if the company continues utilizing excess free cash flow for voluntary debt repayment, if original equipment manufacturer
