CommScope's EBITDA margins are also expected to improve, supported by the roll off of one-time costs and increased operating leverage, to the 19%-21% range in 2025. With the expected strong revenue and EBITDA expansion, the company's leverage is expected to reduce to the low-9x area in 2025. S&P Global could lower its rating on CommScope if it anticipates an elevated risk of default on its mandatory debt obligations or believes it will undertake a distressed exchange over the next 12 months due to a worse-than-expected operating performance on weak end-customer demand, a disruption to its business operations, or elevated macroeconomic or market-specific volatility. Conversely, an upgrade could occur if CommScope can sustain its leverage below the 8x area, generate reported FOCF of more than $200 million, and demonstrates a path toward refinancing its 2027 debt maturities and addressing its 2027 preferred equity.