Narrow product portfolio in value-added frozen seafood with concentration in breaded, white fish Lower demand for core, breaded seafood products due to changing consumer preferences Significant customer concentration Volatile earnings and cash flows owing to variable commodity costs, volume, and foreign exchange Debt-to-EBITDA below 4x in 2017, absent any unexpected debt financed acquisitions Improved EBITDA margins through supply chain optimization should help offset declining revenues Adequate liquidity The stable outlook on High Liner Foods Inc. reflects S&P Global Ratings' expectation that modest debt reduction from free cash flows should support adjusted debt-to-EBITDA in the mid-to-high 3x area for 2017, absent any unexpected acquisitions. Our outlook also reflects the potential for leverage to increase up to 5x through debt-financed acquisitions, as
