Soft demand across the first half of fiscal 2024 for Enpro?s products which serve original equipment manufacturers in the commercial vehicles and general industrial end markets, compounded by prolonged softness in its Advanced Surface Technologies (AST) segment--which has now lasted seven quarters,--will negatively affect the company?s credit metrics for full year 2024. Nonetheless, there is sufficient cushion in the current rating for underperformance, even as this drag in demand is expected to last at least into the second half of fiscal 2025. The company?s roughly $665 million capital structure, which includes $295 million of term loans, $350 million of senior notes, and a $400 million revolving credit facility ($18 million drawn as of the end of June 30, 2024), will
