Well-known, reputable brand name. Defensible position as the second largest competitor in the U.S. do-it-yourself (DIY) market. Substantial brand concentration and narrow product focus in the automotive lubricant business. Relatively stable margins. Moderate financial leverage. Stable free cash flow generation. Moderate working capital and capital expenditure requirements. The stable outlook reflects our expectation that Valvoline Inc. will continue to modestly grow revenue and profit through steady share gains in the DIY space, more premium product sales, faster growth in the Quick Lube business, and volume gains in international business. This should allow the company to sustain its credit ratios, including adjusted debt to EBITDA in the high-2x area at the end of fiscal year 2019. We could lower the ratings
