Neovia Logistics LLC's parent company, Neovia Logistics Intermediate Holdings LLC, is issuing $125 million in senior unsecured notes to pay a dividend to 65%-owner, Platinum Equity. This increase in debt, coupled with higher-than-expected cash outflows related to Neovia's spinoff from Caterpillar Inc. last year and somewhat weaker-than-expected operating results, will result in credit protection measures that no longer support our previous ratings. We are lowering our ratings on the company, including the corporate credit rating to 'B' from 'B+', and assigning the 'B' corporate credit rating on the parent and a 'CCC+' issue rating on its new notes. We expect Neovia to return to positive cash generation in 2014 and that new business wins and productivity improvement initiatives should enable
