Livingston International Inc. posted weaker operating results in the second half of 2016 than we had had previously expected. This contributed to funds from operations (FFO) cash interest coverage below our 2x downgrade trigger and low headroom under the company's financial covenants in our opinion. As a result, we are lowering our ratings on Livingston, including our long-term corporate credit rating on the company to ' B-' from 'B', and revising our liquidity assessment to less than adequate from adequate. The stable outlook reflects our expectation that Livingston will generate adjusted FFO cash interest coverage of close to 2x by the end of 2017, and refinance its term debt maturing in 2019. On April 25, 2017, S&P Global Ratings lowered
