Our debt calculation reflects over $3.6 billion of term loan debt and unsecured notes as well as our standard adjustment for operating leases. We expect the company's leverage to remain elevated until 2020 before moderately declining to the mid-6x area by 2021. If Alight executes its planned IPO, it could reduce its leverage by about 1.4x to the mid-5x area, which could lead us to favorably reassess our ratings on the company. However, given its financial sponsor's historically aggressive financial policy, we would first need The Blackstone Group to publicly commit to maintain the company's leverage below 5.0x and establish a track record of reducing its stock ownership, and that of other pre-IPO sponsors, in Alight before we would consider
