S&P: GFL Environmental notes B

Standard & Poor’s said it affirmed the ratings on GFL Environmental Inc., including its B long-term corporate credit rating.

The outlook is stable.

The agency also said it assigned a B rating and 4 recovery rating to the company’s proposed $250 million senior unsecured notes due 2020.

The 4 recovery rating reflects an expectation of 30% to 50% expected default recovery.

The ratings reflect the company’s fair business risk profile and highly leveraged financial risk profile, the agency said.

The ratings also consider the company’s weak competitive position, participation in the environmental services industry and satisfactory profitability assessment, S&P said.

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