 The downgrade to Ba3 in the CFR reflects the significant deterioration expected in Carpenters operating performance and metrics as a result of coronavirus related disruptions on manufacturers in key end markets and the supply chains that serve them, particularly aerospace, which accounts for roughly 59 of revenues excluding surcharges said Carol Cowan, Moodys Senior Vice President and lead analyst for Carpenter. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. 