S&P lowers Waste Pro USA

S&P said it lowered its ratings on Waste Pro USA Inc. and its debt to B- and removed them from CreditWatch with negative implications where they were placed on May 8.

“The downgrade reflects a diminished liquidity position and weak credit metrics over the next 12 months,” S&P said in a press release.

The agency said it forecasts Waste Pro USA's S&P Global Ratings' adjusted debt to EBITDA will remain elevated at around 6x and free operating cash flow (FOCF) to remain negative over the next 12 months because of high capital expenditures (capex).

The outlook is stable.

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