Small size and narrow business focus on toxicology testing; High reimbursement exposure to government programs; Limited market share and fairly low barriers to entry; and Highly competitive and fragmented nature of the industry. Highly leveraged capital structure, based on our estimate for a debt-to-EBITDA ratio of 5.5x in 2014; and Aggressive financial policy, highlighted by its financial sponsor ownership. The stable outlook on Aegis Toxicology Sciences Corp. reflects our expectation that, despite increasing EBITDA and positive cash flow generation, Aegis' adjusted debt leverage will remain above 5.0x over the next 12 months as we do not expect the company's financial sponsor to use internally generated cash flow for permanent debt repayment. We could lower the rating in the event that
