Although 2016 financial performance was somewhat below our expectations, we expect metrics to improve over the next two to three years as the company's U.K. projects begin to meaningful contribute to EBITDA. We are affirming our 'B+' corporate credit and issue-level ratings on Granite Acquisition Inc. The stable outlook on Granite reflects our view that over the next 18 months the company will be able to fully meet its debt obligations and progress on development of new facilities. On June 28, 2017, S&P Global Ratings affirmed its 'B+' corporate credit rating on Granite Acquisition Inc. The outlook is stable. At the same time, we affirmed our rating on Granite Acquisition's $1.25 billion first-lien term loan B due 2021, $145 million
