Small size and narrow business focus on toxicology testing. High reimbursement exposure to government programs. Limited market share and fairly low barriers to entry. Highly competitive and fragmented nature of the industry. We expect leverage to remain above the 5x area through 2017. Funds from operations (FFO) to adjusted debt below 12% through 2017. Aggressive financial policy, with financial sponsor ownership expected to shape a financial policy that favors returns to the sponsor shareholders over debt repayment. The stable outlook on Aegis Toxicology Sciences Corporation reflects our expectation that, despite stable EBITDA margins and positive cash flow generation, Aegis' adjusted debt leverage will remain above 5.0x over the next 12 months. We expect the company's financial sponsor to use internally-generated
