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S&P rates Waste Pro USA notes B+
S&P said it assigned its B+ corporate credit rating to Waste Pro USA Inc. The outlook is stable.
At the same time, S&P said it assigned a B+ issue-level rating and 4 recovery rating to the company's proposed $450 million senior unsecured notes due 2026. The 4 recovery rating indicates an expectation for meaningful (30%-50%; rounded estimate: 40%) recovery for lenders in the event of a payment default.
The company has also proposed a $215 million asset-based lending revolving facility due 2023 and industrial revenue bonds due 2029 and 2036, which S&P is not rating.
“Our B+ corporate credit rating on Waste Pro reflects the company's aggressively leveraged capital structure following the proposed transaction. We estimate that Waste Pro's trailing-12-month adjusted debt-to-EBITDA was about 6x as of Sept. 30, 2017, though we expect that its debt leverage eased to less than 5x as of the end of 2018 as it realized contributions from the acquisitions it completed in late 2017,” S&P said in a news release.
“These factors are partially offset by our belief that the demand for the company's services is relatively stable and recession-resistant.”
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