Favorable and consistent performance throughout economic cycles, which enables the company to quickly deleverage A well-integrated, geographically diversified, and effective business model An experienced and knowledgeable management team Significant leverage and fluctuating credit metrics, which resulted in a leveraged balance sheet Dependence on new subscribers and contract renewals Top client and product concentration risk The counterparty credit ratings on Lonestar Intermediate Super Holdings LLC (a wholly owned subsidiary of NEWAsurion Corp.) and its operating subsidiary, Asurion LLC, reflect its significant leverage and fluctuating credit metrics, which resulted in a leveraged balance sheet; its financial management strategy; and its dependence on new subscribers and contract renewals, which could challenge the sustainability of its leading competitive position. Offsetting these weaknesses are the
