Leading position in niche telecommunication services market with moderate barriers to entry Good position within outsourced O&M market with reasonable growth prospects Relatively small scale and limited diversity 50% ownership by a financial sponsor caps the financial risk profile at "significant" Moderately conservative financial policies Strong forecast adjusted free operating cash flow Working capital swings that can be a drag on the credit metrics The stable outlook reflects our view that LS Newco Pty Ltd. will achieve modest contract growth and improved productivity while maintaining its strong market position, particularly within the telecommunication services sector. We also expect the company's lease-adjusted EBITDA margin will approach 10% over the next two years, and that its working capital requirements will not require
