We expect Neovia Logistics L.P.'s operating results will continue to improve in the second half of 2021 supported by the recovery of the macroeconomic conditions in most of the countries in which it operates. Therefore, we believe a downgrade due to constrained liquidity or a distressed exchange is unlikely over the next 12 months. We revised our outlook on Neovia to stable from negative and affirmed all of our ratings on the company, including our 'CCC+' issuer credit rating. The stable outlook reflects our expectation that Neovia's credit metrics will remain mostly stable over the next year despite our view that its capital structure is unsustainable over the longer term. The stable outlook on Neovia reflects our expectation that it
