...We anticipate operating performance in the remainder of fiscal 2022 will be mostly positive for White Cap Supply Holdings LLC, although the potential for prolonged rising inflation and low economic growth is increasing globally as many factors weigh on already-waning economic prospects. The company's credit metrics remain appropriate for the rating, including leverage well below our 7x downgrade threshold, a key credit consideration that will provide ample cushion to navigate potential earnings pressure. Roughly 80% of White Cap's revenues are tied to nonresidential and infrastructure construction. In particular, these sectors could benefit in the latter half of 2023 and primarily 2024 from spending related to the Infrastructure Investment and Jobs Act. We forecast that White Cap's growth will likely benefit from recent acquisitions and potential market tailwinds from construction bids, maintaining a net cash position it could use to fund tuck-in acquisitions. We expect White Cap will maintain...
