S&P rates Greenwaste, loans B+

S&P said it gave B+ ratings to MIP V Waste LLC, parent of solid-waste services provider Greenwaste Recovery, and its expected senior secured first-lien credit facilities, which include a $100 million revolving credit facility due in 2026 and $400 million term loan B due in 2028. The agency also assigned a 3 recovery rating.

“Our B+ issuer credit rating on GWZ reflects the company's small and regionally focused operations in Northern and Central California, high percentage of long-term contracted revenues, and above average margins,” S&P said in a press release.

The agency said it estimates Greenwaste’s revenues are likely to reach between $300 million and $400 million in 2021 and between $350 million and $400 million in 2022.

The outlook is stable.

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