Summary: NVA Holdings Inc.

One of the largest operators of freestanding veterinary facilities in the U.S. Narrowly focused in the highly fragmented and mature veterinary services market. Lack of dependency on third parties. Adjusted leverage around 7x over the next couple of years due to the company's aggressive debt-financed growth strategy. Funds from operations (FFO) to total debt that we expect will remain less than 10%. Aggressive financial policies due to sponsor ownership, with any debt capacity created through EBITDA growth used for acquisitions to expand the scale of the business. The stable outlook reflects S&P Global Ratings' expectation that NVA Holdings Inc. will continue generating acquisition-driven, double-digit percent revenue growth and that EBITDA margins will remain stable. At the same time, we expect

...Business Risk: Weak Financial Risk: Highly leveraged + One of the largest operators of freestanding veterinary facilities in the U.S. + Narrowly focused in the highly fragmented and mature veterinary services market. + Lack of dependency on third parties. + Adjusted leverage around 7x over the next couple of years due to the company's aggressive debt-financed growth strategy. + Funds from operations (FFO) to total debt that we expect will remain less than 10%. + Aggressive financial policies due to sponsor ownership, with any debt capacity created through EBITDA growth used for acquisitions to expand the scale of the business....

Summary