Given THOR's vulnerability to highly cyclical end markets, Moody's expects the company to maintain credit metrics that are stronger than levels typically associated with companies at the same rating level. A ratings upgrade would involve expectations of at least a stable RV retail sales environment and would also require maintenance of a good liquidity profile, along with a demonstrated ability and expectation that the company would generate consistently strong free cash flows coupled with substantial availability under the company's revolver. A weakening of THOR's liquidity profile involving expectations of negative free cash flow or free cash flow-to-debt sustained in the low single-digits, a marked reliance on revolver borrowings or concerns about covenant compliance could result in a ratings downgrade.