Trailer manufacturer Wabash National, experiencing a significant downturn in its financial performance, has maintained its credit rating from S&P Global, but the ratings agency has lowered its outlook to negative. S&P confirmed Wabash's BB- issuer credit rating and its B+ issue-level rating on the company's senior unsecured notes, along with a recovery rating of 5, all of which were affirmed. A negative outlook from S&P Global indicates that conditions are present that could lead to a downgrade of a company's rating. The recovery rating, on a scale of 1 to 6, measures 'the recovery prospects of a given loan or bond from a speculative-grade issuer, calculated on a nominal basis, based on future hypothetical default scenarios,' with a rating of 6 being the highest. Rival ratings agency Moody's (NYSE: MCO) has not altered its rating on Wabash National, which stands at Ba3, an upgrade from last December. Moody's Ba3 and S&P's BB- are considered equivalent, with both ratings three notches below investment-grade. Moody's currently maintains a stable outlook for Wabash. The new negative outlook for Wabash (NYSE: WNC) is attributed by the ratings agency to its 'expectation that... free operating cash flow to debt will remain in the high single digit area in 2024 and 2025 as the ongoing freight recession extends beyond our previous expectation.'