Fitch rates Republic Services notes BBB

Fitch Ratings said it assigned a rating of BBB to Republic Services, Inc.'s proposed issuance of $850 million of five-year senior notes.

Proceeds from the issuance will be used to refinance the outstanding $650 million of notes due in September 2019 and pay down revolving credit facility borrowings.

Fitch currently rates the long-term issuer default rating, senior unsecured bank debt and senior unsecured notes BBB.

The outlook is stable.

The agency said the ratings reflect an expectation that the company maintains a steady financial profile including consistent leverage metrics and healthy free cash flow generation.

These expectations are supported by the fundamental stability of the core municipal solid waste dynamics and the company’s established and vertically integrated network of collection through disposal operations, Fitch said.

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