S&P rates Advanced Disposal loans B+

Standard & Poor's said it assigned a B+ corporate credit rating to Advanced Disposal Services Inc. and a B+ rating with a recovery rating of 3 to its proposed $225 million revolving credit facility and $150 million term loan B.

The outlook is stable.

Proceeds will be used to refinance borrowings under the company's existing $304 million revolver and $60 million of subordinated debt.

The agency said ratings on Advanced Disposal reflect the company's modest scale of operations, geographic concentration of revenues and earnings, leveraged capital structure and acquisition-oriented growth strategy.

These characteristics are partially offset by the company's participation in a recession-resistant industry, its fair degree of vertical integration and its solid profitability, S&P said.

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