Livingston International Inc. completed the acquisition of Affiliated Customs Brokers Limited. The company plans to finance this acquisition through a C$45 million equity infusion from its financial sponsors, revolver borrowings, and partial monetization of hedges. In conjunction with the above, Livingston will upsize its revolver and revise the financial covenants, among other amendments. Based on the transaction and amendments, we are revising our outlook on Livingston to stable from negative and affirming our ratings on the company, including our 'B' long-term corporate credit on the company. We are also revising the company's liquidity assessment to adequate from less than adequate. The stable outlook reflects our expectation that, post-transaction, Livingston will maintain adequate liquidity, with adjusted FFO-to-interest coverage exceeding 2x and
