Livingston International Inc. generated operating results that exceeded our expectations in 2020 despite lower trade volumes in Canada and the U.S. We believe much stronger macroeconomic conditions in Canada and the U.S. over the next two years will notably benefit the company's customs brokerage business and contribute to positive free cash flow generation. As a result, on April 30, 2021, S&P Global Ratings revised its outlook on Livingston to stable from negative. At the same time, S&P Global Ratings affirmed its ratings on Livingston, including its 'B-' long-term issuer credit rating on the company. The stable outlook reflects S&P Global Ratings' expectation that Livingston will generate earnings and cash flow growth over the next two years, with modest improvement in
