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Moody's assigns Covanta notes B1
Moody's Investors Service said it assigned a B1 rating to Covanta Holding Corp.’s new $300 million of sustainability-linked senior unsecured notes due 2029.
“The B1 senior unsecured rating reflects our view that the company will continue to benefit from its fundamental credit strengths that include highly contracted waste revenues, diversification into the United Kingdom (U.K.) waste market, and revenue increases from organic growth and new initiatives related to its environmental services business,” Moody’s said in a press release.
The notes are part of the financing for EQT Investors’ acquisition of Covanta through Covert Mergeco, Inc., which will merge with and into Covanta, with Covanta continuing as the survivor, upon consummation of the merger.
Covanta and EQT reported on July 14 that EQT will acquire the company for about $5.3 billion, with the deal’s closing expected to close at the end of this month.
Covanta's outlook is stable.
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