The ongoing COVID-19 pandemic adds further uncertainty in that it may lead to less frequent testing or to service disruptions, which would pressure Aegis Sciences Corp.'s earnings and cash flows. Aegis has a covenant stepdown in March 2020 and a second one in September 2020. Given the elevated leverage, we believe there will be very little covenant cushion and the risk of a covenant breach has heightened, especially given the tight conditions of credit markets. We are revising our outlook to negative from stable and affirming our ratings on Aegis, including our 'B-' issuer credit rating and senior secured issue-level rating. The negative outlook reflects the potential for a lower rating over the next few quarters if volume and EBITDA
