S&P lowers Waste Industries

S&P said it lowered the corporate credit rating on Waste Industries USA Inc. to B from BB- and removed all of the ratings on the company from CreditWatch, where they were placed with negative implications in September.

The outlook is stable.

The agency also said it withdrew the ratings on the company's $275 million revolver due in 2020 and $700 million term loan due in 2020.

The debt was repaid as part of the acquisition by Wrangler Buyer Corp.

These actions follow the close of Wrangler's acquisition of Waste Industries, which has become a wholly owned subsidiary of Wrangler.

S&P said it assesses Waste Industries to be a core subsidiary, contributing all of Wrangler's sales and operations.

The corporate credit rating on Waste Industries is now the same as that on its parent, the agency explained.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.