...+ U.S. asset disposition service provider for residential and commercial real estate Decade Holding Co. Inc.'s and its operating entity Ten-X LLC's operating performance has been well below expectations resulting in lower-than-expected revenue growth, profitability, and cash flow generation over the past three quarters. + We now expect leverage will be sustained around 8x through 2018 due to the challenging operating environment and slower-than-expected market share gains in the residential and commercial segments. + We are lowering our corporate credit ratings on Decade Holding and Ten-X to 'B-' from 'B'. The outlook is negative. We are also lowering our issue-level ratings on the company's first-lien credit facility to 'B-' from 'B', and on its second-lien term loan to '###' from '###+'. The recovery ratings are unchanged. + The negative outlook reflects our belief that lease-adjusted leverage, which we forecast to decline to around 8x at year-end 2018, is excessive. It incorporates our...
