S&P: Clean Harbors view positive

Standard & Poor's said it affirmed the BB corporate credit rating on Clean Harbors Inc. and revised the outlook to positive from stable.

"The outlook revision reflects our view that the company's financial risk profile is likely to strengthen following the Sept. 28, 2010, partial redemption of its senior secured second-lien notes, which reduced debt by about $30 million," S&P analyst James Siahaan said in a statement.

"The rating action also incorporates our view that cash flow will remain healthy even exclusive of the contribution from higher margin work related to the Gulf Coast oil spill."

The rating on Clean Harbors reflects an improved financial risk profile, an acquisition-oriented growth strategy and some susceptibility to economic cycles, the agency said.

The company's leading competitive position in the hazardous waste management industry and adequate liquidity with a favorable debt maturity schedule partially offset these factors, the agency noted.

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