Fitch upgrades Republic Services

Fitch Ratings said it upgraded Republic Services, Inc. and Browning Ferris Industries, LLC's (collectively RSG) long-term issuer default rating and senior unsecured debt to BBB+ from BBB.

“The upgrade reflects RSG's consistent adherence to its financial policies and its demonstrated willingness to flex capital allocation to manage its leverage profile. The stability in its leverage profile is also supported by the resiliency in cash flow generation through business cycles and as the industry consolidates. RSG ratings benefit from solid profitability with EBITDA margin in the high-20% range and FCF margin around 6%-7% support strong financial flexibility, and expectation that financial policies continue to manage leverage at 3x or below,” Fitch said in a press release.

The outlook is stable.

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