Non-residential construction activity and economic growth are the key demand drivers for Maxim. Therefore, the company's performance will closely follow the spending cycle in the U.S. construction industry. Over the next 12-18 months, we expect industry conditions to moderate and forecast that Maxim's growth will likely begin to soften starting in 2020. We anticipate that Maxim's margins will slightly improve over our forecast period due to cost synergies, lower freight costs, and pricing improvements. That said, we expect its margins to remain in the mid- to high-20% range. We also believe the company's S&P Global Ratings-adjusted debt to EBITDA will improve slightly over the next 12-18 months. The stable outlook on Maxim Crane Works Holdings Capital LLC reflects our expectation
