S&P assigns Waste Connections notes BBB+

S&P said it assigned its BBB+ issue-level rating to Waste Connections Inc.’s proposed senior unsecured notes due 2030 (S&P believes the company will issue at least $500 million of notes).

Proceeds are expected to be used for general corporate purposes, which may include refinancing the outstanding borrowings under its revolving credit facility due March 2023. In 2019, the company used its revolver to fund acquisitions and repay $175 million of senior notes in the fourth quarter.

“We view Waste Connections’ adjusted debt to EBITDA of 2.5x as of Sept. 30, 2019, as appropriate for the current rating. All of our other ratings on Waste Connections Inc. and its subsidiary IESI Corp. remain unchanged, including our BBB+ issuer credit ratings,” said S&P in a press release.

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