Dependent on cyclical crossborder trade volumes Operates in a highly competitive and fragmented market High customer retention rates and flexible cost base Credit metrics expected to remain weak and within the indicative ratios for a "highly leveraged" financial risk profile Private equity ownership Debt-financed acquisitions could worsen credit metrics from our base-case scenario Stable free cash flow due to scalable asset-light business model The stable outlook reflects Standard&Poor's Ratings Services' expectation that Livingston International Inc. will see steady overall demand for its services despite the effect the weakening Canadian dollar may have on the company's Canadian brokerage business. It also incorporates our expectation that the company will maintain its operating efficiency, as well as its current level of
