U.S.-based toxicology laboratory services provider Aegis Toxicology Sciences Corp.'s improved receivable collections in the first quarter of 2018, along with continued stable revenue and EBITDA growth over the past several quarters, increases our confidence in the company's ability to meet our base-case forecast. We are affirming our ratings on Aegis Toxicology Sciences Corp., including the 'B' corporate credit rating, and revising the outlook to stable from negative. The stable outlook reflects our expectations that Aegis will maintain its strengthened EBITDA performance and working capital improvements such that it sustains positive annual free cash flow in excess of $10 million. On July 6, 2018, S&P Global Ratings affirmed its 'B' corporate credit rating on U.S.-based toxicology laboratory services provider Aegis Toxicology
