LSCS Holdings, Inc.(also known as Eversana) cash flow generation has been weaker than our expectations in 2019 due to challenges in the channel and compliance segments along with higher capital expenditures. We believe the overhang of the COVID-19 pandemic and recession could continue to dampen growth and result in free cash flow deficits. We are affirming our 'B-' issuer credit rating and issue-level ratings on LSCS. However, we are revising our rating outlook to negative from stable. The negative outlook reflects the risk that free cash flow will be negative in 2020 and remain persistently negative. The outlook revision reflects the potential for cash flow deficits to be wider than we project in 2020 and persistent. Integration issues, challenges in
