We expect Avison Young to continue to report year-to-date operating losses and low EBITDA margins. We also expect Avison Young's 2017 acquisitions to limit liquidity compared to 2016 levels. We are revising our outlook on Avison Young to negative from stable and affirming our 'B+' issuer credit rating. We are also affirming our senior secured debt rating at 'B+'. The negative outlook reflects the pressure that ongoing weak financial performance could have on the rating while the company continues to pursue growth through acquisitions. On Oct. 20, 2017, S&P Global Ratings revised its outlook on Avison Young (Canada) Inc. to negative from stable and affirmed the 'B+' issuer credit rating. At the same time, we also affirmed the issue rating
