However, Juice Plus will likely focus on business reinvestment and stabilizing operations over the next 12 to 18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Moody's expectation that Juice Plus' operating initiatives will stabilize EBITDA but that free cash flow will continue to be negative over the next 12-18 months. The negative outlook also reflects the increasing liquidity pressure due to the upcoming revolving credit facility expiration and the high amount of required annual term loan amortization. These factors could increase the risk of a distressed exchange or other default. The ratings could be downgraded if the company does not stabilize membership, the distributor count, revenue, and earnings. Increased likelihood of a distressed exchange, or deterioration of liquidity including an inability to proactively refinance the revolver, increasing revolver utilization, or continued negative free cash flow, could also lead to a downgrade.