S&P rates Laidlaw loan BBB-

Standard & Poor's said it assigned a BBB- rating to Laidlaw International Inc.'s new unsecured five-year credit facility, consisting of a $300 million term loan A and a $300 million revolving credit facility.

The agency also said it raised its corporate credit rating on the company to BBB- from BB and removed the rating from CreditWatch, where it was placed with positive implications Dec. 7.

The senior secured and senior unsecured debt ratings remain on CreditWatch with positive implications, and the agency said it expects to withdraw the ratings upon completion of refinancing activities that should lead to the repayment of the outstanding rated debt.

S&P said the upgrade reflects Laidlaw's improved credit profile following the sale of its health care businesses earlier this year and subsequent use of proceeds to repay debt.

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