...April 17, 2025 This report does not constitute a rating action. We forecast NorthStar's credit measures will remain appropriate for the current ratings. In 2024, NorthStar experienced a high-single digit percentage revenue decline, and a related earnings decline, primarily attributed to timing issues stemming from project delays within its coal combustion residual (CCR) business. We regard these delays as temporary and anticipate a rebound in earnings from this segment in 2025. Looking ahead, even without factoring in any new business wins, we project an improvement in the company's earnings in 2025 as it services its existing backlog. We expect the S&P Global Ratings-adjusted debt-to-EBITDA ratio to be stronger than, or within the 4.5x-6.5x range, with EBITDA interest coverage anticipated to exceed 1.5x over the next 12 to 24 months. Additionally, we assess NorthStar's liquidity as adequate, supported by our expectations of positive free cash flow generation, ample revolving credit availability,...
