Fitch rates Waste Management notes BBB

Fitch Ratings said it assigned a rating of BBB to Waste Management Inc.'s senior unsecured note offering.

The company has an issuer default rating of BBB, senior unsecured credit facility rating of BBB and senior unsecured debt rating of BBB.

The $500 million notes will mature in September 2022 with the majority of the proceeds to be used to pay down the $400 million 6.375% notes due in November 2012.

The outlook is stable.

The ratings are supported by the company's strong free cash flow, the predictable nature of the industry, and the company's position as the largest integrated waste services company in the United States, Fitch said.

The company continues to maintain good financial flexibility with adequate cash and revolver availability and a manageable debt maturity schedule, the agency said.

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