We believe the waiver of certain covenants on Avison Young (Canada) Inc.'s revolving credit facility could lead to higher future draws before a hypothetical default. We have also lowered our post-default enterprise value forecast to reflect an emergence-level EBITDA that is closer to the company's recent EBITDA performance. As a result, we are lowering our issue-level rating on the company's senior secured term loan due 2026 to 'B-' from 'B', in line with our 'B-' long-term issuer credit rating on the company. We are affirming our 'B-' long-term issuer credit rating on the company. The stable outlook reflects our expectation that Avison Young will maintain EBITDA cash interest coverage of 1.2x-1.5x and adequate liquidity. The company also benefits from no
