We expect AP Gaming Holdings LLC's improving EBITDA and cash flow will translate into adjusted leverage around 4.5x or below, providing sufficient cushion relative to our 5x threshold. We raised our issuer credit rating on AP Gaming to 'B+', from 'B'. We also raised our issue-level rating on AP Gaming's senior secured debt to 'B+' from 'B', in line with the one-notch upgrade of the issuer credit rating. The stable outlook reflects our expectation for our measure of adjusted leverage to remain in the mid-4x area or below through 2019, which provides a sufficient cushion relative to our 5x leverage threshold to absorb the impact of potential modest operating underperformance, small tuck-in acquisitions, or modestly higher growth from capital spending.
