Our ratings on Neovia Logistics LLC reflect its highly leveraged capital structure, limited track record operating as a highly leveraged and independent company, and end market and customer concentration. Offsetting these risks to some extent is the company's contracted revenue base, global network, and well-established customer relationships. Standard&Poor's Ratings Services characterize the company's business risk profile as "weak" and its financial risk profile as "aggressive" as we define these terms. Neovia, which is primarily a service parts logistics provider, was previously part of Caterpillar Inc. In mid-2012, Caterpillar sold 65% of the business to private-equity firm Platinum Equity Capital Partners III L.P. in a transaction valued at about $776.8 million. The company was named SPL Logistics LLC at
