El Segundo, Calif.-based laundry service provider WASH Multifamily Acquisition Inc.'s cash flow credit measures are unlikely to improve over the next 12 to 24 months from current low levels. We believe the company will continue to utilize available borrowings under the revolving facility for any acquisitions and fund capital improvement growth investments that will result in free operating cash flow (FOCF) to debt being sustained below 3%. In addition, the company's $60 million revolving facility ($52 million was drawn as of June 30, 2019) due May 14, 2020, matures within 12 months. We are lowering our issuer credit rating on WASH to 'B-' from 'B' and revising our liquidity assessment to weak from adequate. At the same time, we lowered
