Moody's rates Advanced Disposal loan Ba3

Moody's Investors Service said it affirmed the existing Ba3 corporate family and B1 probability of default ratings of Advanced Disposal Services, Inc. and assigned a Ba3 (LGD3, 30%) rating to the company's recently executed $425 million first-lien revolving credit facility.

The outlook is stable.

Proceeds from the new facility as well as a preferred equity contribution repaid the company's prior first-lien credit facility.

The affirmation reflects the expectation that the debt reduction and an improving economic environment will boost credit metrics that had become weak relative to similarly rated sector peers, the agency said.

The ratings consider a good liquidity profile and anticipated improvement in credit metrics, the agency added.

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