Avison Young (Canada) Inc. is issuing a US$50 million senior secured term loan with proceeds to be solely used for funding current and future acquisitions. Given the macroeconomic backdrop, we expect the company's EBITDA to be under pressure in 2022 compared to 2021, even after incorporating the closure of pending acquisitions, that said still in-line with our previous credit metric expectations. We are affirming our 'B-' issuer credit rating on Avison Young (Canada) Inc. and assigning our 'B-' issue rating to the proposed senior secured term loan due 2026. The stable outlook reflects our expectation that over the next 12 months EBITDA coverage of cash interest will be 1.0x-2.0x and that Avison Young will maintain adequate liquidity. On Aug. 18,
