We are assigning our 'B' long-term corporate credit rating, and stable outlook, to Toronto-based Livingston International Inc. We are also assigning our 'B' issue-level rating and '4' recovery rating to the company's proposed US$300 million first-lien term loan and our 'CCC+' issue-level rating and '6' recovery rating to Livingston's proposed US$110 million second-lien term loan. Proceeds from the term loans will be used to refinance existing debt. The stable outlook reflects our expectation that Livingston will continue to see solid demand for its services and maintain its operating efficiency, as well as its current level of profitability, over our forecast period. We believe trade volumes in both directions between Canada and the U.S. will continue to grow and remain robust.
