S&P lifts Advanced Disposal

S&P said it raised the corporate credit rating on Advanced Disposal Services Inc. to BB- from B+ and raised the issue-level rating on its senior secured credit facility by one notch to BB+ from BB.

The recovery rating remains 1, indicating very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default.

The agency also raised the issue-level rating on the company's $425 million of senior unsecured notes due in 2024 to B from B-. The recovery rating remains 6, indicating an expectation for negligible (0%-10%; rounded estimate: 0%) recovery.

The outlook is stable.

“The upgrade reflects our expectation that ADS will continue to reduce its debt-to-EBITDA metric below 5x in the next 12 months and that the company's financial policy decisions will support this leverage,” S&P said in a news release.

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