Four business segments that offer different products and target diverse sets of customers Variable cost structure Limited balance sheet risk Aggressive acquisition strategy and limited track record of operating as an independent, integrated company Considerable debt burden and negative tangible equity Weak profitability The stable outlook reflects our expectation that RCS will complete its announced acquisitions and continue to operate with minimal principal risk exposure and adequate liquidity. We could lower our ratings if RCS' earnings or liquidity were to materially deteriorate, resulting in debt to adjusted EBITDA above 4.5x. Additionally, we could lower our ratings on RCS if the company were to experience significant operational issues during the integration of its acquisitions, or if the firm were to face
