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Moody's alters Waste Pro view to positive
Moody's Ratings said it affirmed changed the outlook to positive from stable and affirmed the B3 corporate family rating, B3-PD probability of default rating and Caa1 senior unsecured notes rating of Waste Pro USA, Inc.
“The rating affirmations and positive outlook reflect Moody's expectation for Waste Pro to build on the positive momentum over the past year. Moody's expects that growing revenue and efficiency improvements will drive stronger credit metrics, including debt to EBITDA approaching 4.5x by the end of 2024.
“This will be aided by pricing escalators on existing contracts, a focus on restructuring lower margin contracts and continued momentum with identifying customers willing to pay for the company's bespoke (premium) collection service. Moody's also expects Waste Pro to maintain adequate liquidity, including free cash flow turning positive over the next 12 -18 months,” the agency said in a press release.
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