Operates in a large industry marked by modestly favorable long-term market conditions Garners meaningful scale efficiencies as a fairly large provider of funeral, cremation, and cemetery services and merchandise Has limited options to meaningfully expand its market for death care services and merchandise Faces difficult demand conditions in North America because of a weak death rate Faces rising consumer preference for cremation services, which generate less revenue than traditional funeral services The low speculative-grade ratings on Carriage Services Inc. reflect the company's still-significant financial burden in an industry that, while fairly predictable, is subject to uncertainties. Houston, Texas-based Carriage grew rapidly through the 1990s to become the fourth-largest cemetery and funeral home operator in North America. The company's expectations for
