Moody’s changes Harsco view

Moody’s Investors Service said it affirmed Harsco Corp.'s ratings, including the Ba1 corporate family rating and Ba2 rating on the company's senior unsecured notes, and revised the outlook to negative from stable.

The agency said the action follows the company's announcement that it has entered into a definitive agreement to acquire Stericycle, Inc.'s environmental solutions business for $462.5 million.

The acquisition is expected to be debt financed and is expected to close by the end of the first quarter.

The agency said the negative outlook considers an expectation of increased debt leverage following the close of the acquisition with proforma debt-to-EBITDA rising to 3.9x from 2.9x at Sept. 30.

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