 Moodys Investors Service Moodys affirmed Neenah, Inc.s Ba2 Corporate Family Rating CFR, Ba2-PD Probability of Default rating and the Ba3 Senior Unsecured notes rating. The change in outlook and the speculative-grade liquidity rating reflects the need to refinance the 175 million notes due in May 2021 at a time in which there is an expected deterioration of metrics and challenging market conditions. The affirmation of Neenahs ratings reflects strong balance sheet metrics prior to the projected negative impact on financial performance from the coronavirus pandemic, projected free cash flow generation even during the economic stress and expected recovery in metrics in 2021, assuming notes are refinanced. 