The weakness in U.S.-based logistics provider Neovia Logistics L.P.'s operating performance over the past year has caused its credit metrics to decline below our forecast expectations. We believe that the company's credit measures will remain pressured over the next 12 months as it works through a series of setbacks, including the loss or unprofitability of some of its contracts, increased operating costs, and foreign-exchange headwinds. We are lowering our corporate credit rating on Neovia Logistics L.P. to 'B-' from 'B'. At the same time, we are lowering our issue-level rating on its senior secured notes to 'B-' from 'B' and our issue-level rating on its senior unsecured notes to 'CCC' from 'CCC+'. The negative outlook reflects that, although we expect
