S&P upgrades Casella Waste

Standard & Poor’s said it raised the corporate credit rating on Casella Waste Systems Inc. to B from B-.

The outlook is stable.

The agency also said it raised the ratings on the company’s senior unsecured revenue bonds to BB- from B+. The 1 recovery rating is unchanged and indicates 90% to 100% expected default recovery.

S&P also said it raised the ratings on Casella’s senior subordinated debt to B from B-. The 4 recovery rating on the debt is unchanged, indicating 30% to 50% expected default recovery.

The ratings reflect the company’s improved operating performance and credit measures, the agency said.

Over the past year, Casella has increased its top-line growth through pricing and volume gains in its core collection and disposal business, S&P said.

The company’s operating margins also improved, mainly because of the roll-out of more efficient waste collection vehicles and improved density of its collection routes, the agency said.

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