Maxim Crane Works Holdings Capital LLC recently announced a $50 million dividend that it financed through a draw on its revolving credit facility. Additionally, three acquisitions in 2019 have led to higher leverage than we originally anticipated. As a result, we are revising our outlook on Maxim to negative from stable and affirming the 'B' long-term issuer credit rating. The negative outlook reflects our view that leverage could quickly rise above our expectations if Maxim's end markets were to deteriorate significantly or if the company were to continue its pace of acquisition spending in 2020. The negative outlook reflects the company's increased leverage as a result of the additional debt used to fund a $50 million dividend to funds associated
