Teranet Holdings L.P., through its subsidiaries, is the exclusive provider of electronic property search and registration services in Ontario, and the exclusive provider of land and personal property registration and search activities in Manitoba Long-term concession provide inflation-adjusted contractually set fees The company has a low-cost structure that allows it to generate above average EBITDA margins of more than 60% It has significant concentration in the Ontario real estate market. Any significant deterioration in the housing market could have a material impact in financial performance Very high debt leverage. S&P Global Ratings expects the five-year, weighted-average adjusted funds from operations (FFO) interest coverage to remain above 1.75x and FFO-to-debt below 5% Adequate liquidity. We expect Teranet's sources of liquidity for
