Entry into the craft beer market following the 2015 distribution agreement with Small Town Brewery, although majority of revenues and EBITDA base are from the Pabst brand. Virtual brewer (its beer is brewed by MillerCoors under a long-term contract) with narrow product and geographic focus in the mature and highly competitive U.S. beer market. Relatively good brand awareness, predominantly through its Pabst brand. Majority owned by a financial sponsor, which we believe increases the likelihood of owners favoring shareholder-friendly actions over permanent debt reduction. We expect debt levels to decline from further prepayment on the first-lien loan, given excess free cash flow. The outlook is stable. Standard&Poor's Ratings Services expects Blue Ribbon Intermediate Holdings LLC's operating performance will
