Good market position and strong operating performance Well-integrated and effective business model Experienced and knowledgeable management Dependence on contract renewals and subscriber growth Highly leveraged financial risk profile due to debt to EBITDA of 5.0x-6.0x Reduced private-equity ownership of less than 40% due to recapitalization in 2016 which we believe will result in a more-conservative financial policy Healthy cash flow generation with limited working capital or capital expenditure needs The stable outlook on NEWAsurion Corp. reflects S&P Global Ratings' expectation that NEWAsurion's earnings will grow modestly in the next 12 months with sustained leverage of 5x-6x. For 2017, we expect revenue growth in the low- to mid-single digits and an EBITDA margin of more than 20% resulting in debt to
