Fitch rates Waste Connections notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Waste Connections, Inc.'s proposed issuance of $500 million of senior unsecured notes due 2029.

The proceeds will be used to refinance bank debt repayment and for general corporate purposes, Fitch said.

The notes will be pari passu with Waste Connections' existing senior unsecured debt, the agency said.

The company has long-term issuer default rating, senior unsecured bank debt and senior unsecured notes ratings of BBB+.

The outlook is stable.

The company's higher profitability is supported by its dedication to a secondary-market focus where it benefits from relatively stronger pricing control and lower competitive intensity.

The company's free cash flow-to-adjusted debt is expected to remain in the mid-teens, which is relatively strong compared to peers, Fitch said.

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