S&P rates Allied Waste debt

Standard & Poor's said it assigned its B+ rating to Allied Waste Industries Inc.'s $200 million senior subordinated convertible debentures due 2034 and assigned its BB rating to Allied Waste North America Inc.'s $150 million term loan D due 2010.

S&P also assigned its BB- rating to Allied Waste North America's $250 million senior secured notes due 2011, guaranteed by Allied Waste and subsidiaries of the company, and also assigned its B+ rating to Allied Waste North America's $400 million senior unsecured notes due 2014, guaranteed by Allied Waste and subsidiaries of the company.

Proceeds of the financings are intended to purchase, via a tender offer, $1 billion of outstanding 10% senior subordinated notes due 2009.

S&P also affirmed its existing ratings, including the BB corporate credit rating, on Allied Waste. The outlook is stable.

S&P said Allied Waste has a relatively weak, albeit improving, financial profile, which outweighs the company's strong competitive business position.

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