The ratings on Houston-based Carriage Services Inc. reflect the company's "weak" business risk profile, according to Standard&Poor's Ratings Services' criteria, and its "highly leveraged" financial risk profile. We expect mid-single-digit revenue growth, about equal to 2011 and first-quarter 2012 growth rates of 3% and 4%, respectively. Our growth assumption primarily benefits from Carriage's acquisitive growth strategy, considering the limited organic growth opportunities in the established death care industry. We expect same-store funeral sales to be flat or 1%, based on near-term trends, including the rising cremation rate, increased preventive care and, the immediate impact from a mild winter season and low influenza rates in the first quarter of 2012. Offsets supporting growth primarily are driven by the increasingly
