...Vantage Specialty Chemicals, Inc.'s Issuer Default Rating reflects its levered capital structure, tight interest coverage and geographic concentration. The rating is supported by Vantage's competitive position and operational success from revamping its commercial strategy with a focus on products and customers that generate higher profitability and asset utilization The revision of the Outlook to Negative was informed by Vantage's weaker operating performance and higher EBITDA leverage in 2023, coupled with a need to address its upcoming revolver maturity. Fitch Ratings anticipates that EBITDA leverage will remain high through 2024 and then gradually improve....