Moody's rates ALBA notes B3

Moody's Investors Service said it assigned a B3 definitive rating to the €203 million 8% senior notes due in 2018 issued by ALBA Group plc & Co. KG.

ALBA's B1 corporate family and probability of default ratings remain unchanged.

The outlook is stable.

The ratings recognize the company's long track record of operations and well-established position as a leading regional waste and recycling operator in Germany, Moody's said.

The ratings also reflect the group's diverse operations across the whole value chain of waste management and recycling activities, which limits its reliance on any particular market or business line, the agency said.

The ratings also consider the competitive nature of the markets in which it operates and its limited scale and high financial leverage, Moody's added.

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