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S&P gives Waste Connections notes BBB+
Standard & Poor's said it assigned its BBB+ senior unsecured debt rating to Waste Connections Inc.'s proposed $500 million in senior unsecured notes.
Waste Connections intends to issue and sell two tranches of notes: the $125 million tranche will mature on Aug. 20, 2022, with an annual interest rate of 3.09%; and the $375 million tranche will mature on Aug. 20, 2025, with an annual interest rate of 3.41%.
Proceeds will be used to reduce borrowings under the company’s credit facility and for general corporate purposes, including acquisitions.
All other ratings on Waste Connections, including the BBB+ corporate credit rating, remain unchanged.
The outlook is stable.
S&P’s assessment of Waste Connections' "strong" business risk profile, as defined in the criteria, incorporates the essential nature of its services; its leading presence in a number of growing markets; a high level of strategic and operational management competence; and its recent acquisitions, which the agency thinks will enhance its earnings prospects.
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