Niche provider of third-party logistics, Significant customer and end-market concentration, and Global footprint. Highly leveraged capital structure, No near-term maturities, and Low capital spending requirements. The stable outlook reflects S&P Global Ratings' view that Neovia Logistics L.P.'s credit metrics will improve slightly through 2019, with adjusted debt to EBITDA in the low- to mid-9x area through 2018 compared with about 10x in 2017. Although the company does not have any significant near-term maturities, we view the company's capital structure as unsustainable in the long term. We could lower our ratings on Neovia over the next year if operating performance deteriorated such that the company faced liquidity pressure or if free operating cash flow remained negative on a sustained basis. This
