Small scale relative to significantly larger competitors Industrywide revenue pressure due to intense competition Healthy market position in voice telephony combined with good geographic/customer diversity Acquisitive growth strategy Good EBITDA to free cash flow conversion Foreign exchange risk The stable outlook reflects Standard&Poor's Ratings Services' expectation that Mitel Networks Corp.'s adjusted debt-to-EBITDA will improve to below 4x in 2016, resulting in credit metrics commensurate with a significant financial risk profile. We could lower the ratings if adjusted debt-to-EBITDA approached 5x, likely indicating accelerating losses at Mavenir Systems or sustained deteriorating performance in the company's core telephony business. We could also consider a downgrade if the company pursued additional acquisitions that led to higher-than-expected leverage. We could raise the
