Customer migration delays stemming from Genuine Financial Holdings LLC's (d/b/a HireRight) 2018 merger with General Information Services (GIS) have hurt customer attrition and cost savings. Compounded with lower screening volumes on a same-store basis, EBITDA growth has been slow and cash flow generation weak. As a result, we are revising our outlook to negative from stable. At the same time, we are affirming all of our ratings on Genuine, including the 'B' issuer credit rating, 'B' first-lien and 'CCC+' second–lien ratings. The negative outlook reflects our expectation that reduced screening volumes, increased competition, further customer migration delays, and elevated technology investments could keep leverage elevated through 2020. The outlook revision reflects our expectation that over the next year Genuine could
