S&P upgrades Waste Connections to BBB+

Standard & Poor's said it raised its corporate credit rating on Waste Connections Inc. to BBB+ from BBB-.

The outlook is stable.

"The upgrade reflects the company's good profitability, substantial and stable free cash flow generation, and moderate financial policies that have resulted in credit measures that are consistent with a higher rating," S&P credit analyst Pranay Sonalkar said in a news release.

Furthermore, the company is generating strong revenue and earnings growth from the R360 acquisition while remaining focused on its core offerings.

During recent quarters the company has steadily reduced debt, thereby demonstrating a commitment to its stated financial policy of achieving and maintaining leverage of 2.75 times, the agency said.

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