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Moody's upgrades Waste Services
Moody's Investors Service said it upgraded the ratings of Waste Services, Inc., including $160 million guaranteed senior secured credit facility due 2011 to B2 from Caa1 and the $160 million guaranteed senior subordinated notes due 2014 to Caa2 from Ca. The company's corporate family rating was upgraded to B3 from Caa1.
Moody's assigned a stable outlook.
The upgrade reflects the company's successful efforts in affecting a number of key operational improvements in 2005, Moody's said.
The ratings are constrained because the company's volume and price growth targets depend on the successful execution in areas where it competes with larger, more established players with greater access to both internally generated free cash flow and capital, Moody's said.
Moody's said its expectation is that current levels of performance will continue to recover, which would improve the company's narrow liquidity cushions and credit outlook. Lack of progress in this area could lead to an immediate downgrade.
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