Recovery analysisFor the latest recovery analysis, see our recovery report on Cenveo, publishedon Jul. 11, 2012, on RatingsDirect. CreditWatch In resolving our CreditWatch, we will assess the company's ability to addressits 2013 maturities. We could lower the rating if we conclude that the companywill not have adequate liquidity to pay down its 7.875% subordinated notes byJune 1, 2013, as the maturity date of the revolving credit facility and termloan will be accelerated to Sept. 2, 2013, if the notes are not paid down atthis time. We could also lower the rating if covenant headroom continues totighten to less than 5% and it appears that the company may violate covenants.