...+ Livingston International Inc.'s U.S. operations have stabilized following operating challenges in 2017, and we expect them to contribute to the company's material adjusted EBITDA growth over the next two years. + We assume improving operating results and funds from operations (FFO) cash interest coverage of at least 1.5x over this period should enable the company to refinance its debt well in advance of its scheduled maturity in 2020. + However, Livingston's refinancing risk has increased, and we expect the company will increasingly depend on earnings growth and credit market conditions to address its looming debt maturities. + We are affirming our ratings on Livingston, including our 'B-' long-term corporate credit rating on the company. + The stable outlook reflects our expectation that Livingston will generate adjusted FFO cash interest coverage of 1.5x-1.7x, and refinance its debt well in advance of its maturity....
