Overview Key strengths Key risks Operations in Norfolk, Va., San Diego, Calif, and throughout the Pacific Northwest provide it with key access to its primary customer, the U.S. Navy. High customer and program concentration and limited scope of operations. Long term demand supported by robust defense spending and the aging U.S. fleet. Ship repair revenue can be somewhat volatile due to project timing. Aggressive financial policy will likely cause leverage to remain elevated. LSF11 Trinity Bidco Inc.'s (dba Titan) S&P Global Ratings-adjusted EBITDA margins have declined despite its stable operating margin. The company's compressed EBITDA margins primary reflect the increased selling, general, and administrative (SG&A) expenses associated with Lone Star Fund's acquisition of MHI Holdings last year. Therefore, Titan's EBITDA
