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Fitch rates Waste Management notes BBB
Fitch Ratings said it assigned a rating of BBB to Waste Management, Inc.’s proposed senior unsecured notes.
The issuer default rating for Waste Management is BBB and the outlook is stable.
The company also has a senior unsecured credit facility rating of BBB and senior unsecured debt rating of BBB.
The proposed notes will be issued in three tranches of 10-year, 20-year and 30-year notes.
A portion of the proceeds will be used to fund the tender offer that the company recently announced with the remaining to be used for general corporate purposes, Fitch said.
The tender offer is for any and all of five series of notes with a total principal value of $2.3 billion.
The proceeds from also will be used to fund the redemption that the company completed in January 2015.
In addition to the tender offer, Waste Management redeemed three series of notes with a total principal value of $950 million.
The company’s ratings are supported by its strong free cash flow, leading market position within the environmental services industry, stable credit metrics and consistent capital deployment strategies, Fitch said.
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