In addition, Moody's affirmed Brand's B3 senior secured rating. The outlook was changed to stable from negative.The downgrade reflects Moody's expectation that leverage, over the next 12 to 18 months will remain very elevated significantly restricting the company's operating, strategic and financial flexibility. Despite Moody's expectation for solid revenue and EBITDA growth during 2022 and 2023, Moody's projects total debt-to-EBITDA (including Moody's adjustments) will be 7.1x at year-end 2023. In addition, Moody's considers the company's governance risk as high given its aggressive financial policy.The B3 rating on the company's senior secured debt is one notch higher than Brand's CFR, reflecting their priority position and collateral to the company's senior unsecured notes.