One of the largest operators of freestanding veterinary facilities in the U.S. Narrow focus in the highly fragmented and mature veterinary services market. Lack of dependency on third-party reimbursement and somewhat variable cost structure. Our expectation of adjusted leverage above 6x over the next couple of years. Funds from operations (FFO) to total debt that we expect will remain less than 12%. The stable outlook reflects our expectation that NVA Holdings Inc. will continue generating acquisition-driven double-digit revenue growth and that EBITDA margins will remain stable. At the same time, we expect the company's aggressive debt-financed growth strategy will cause it to sustain leverage above 5.0x through 2016. We could lower the rating if the company's organic revenue declines at
