...+ NVA Holdings Inc. has grown at a rapid pace as a result of debt-financed acquisitions and continued strong organic growth, including 34% for the year-over-year period ended Dec. 31, 2018. Total revenues for the trailing-12-month period were about $1.5 billion, an amount substantially higher than rated peers. + We note NVA's business risk profile has meaningfully improved over the past few years as a result of the improved scale of operations, but we are affirming our 'B' issuer credit rating on NVA reflecting our expectation that leverage will still remain high, well above 6x over the next few years. + We are also affirming our 'B' issue-level rating and '3' recovery rating on NVA's first-lien credit facility and the '###+' issue-level rating and '6' recovery rating on its senior secured notes. + The stable outlook reflects our expectation for continued, rapid revenue growth and strong cash flow generation, but high adjusted leverage maintained above 6.0x as the company continues to support...
