Operates in a highly fragmented industry, characterized by relatively predictable long-term market conditions and Benefits from scale efficiencies as a fairly large provider of funeral, cremation and cemetery services and merchandise. Rising consumer demand for cremation services that provide less revenue than traditional funeral services; Limited options to meaningfully expand the market for deathcare services and merchandise; and Highly leveraged financial risk profile. Standand&Poor's Rating Services' low-speculative-grade rating on Houston-based Carriage Services Inc. reflects its weak business risk profile, mainly due to the company's narrow focus in the highly fragmented and mature deathcare industry. This is only partly mitigated by the long-term predictability of the funeral home and cemetery business. The rating also reflects the persistence of the
