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S&P rates Republic Services notes BBB+
S&P said it assigned its BBB+ issue-level rating to Republic Services Inc.'s proposed benchmark-size senior unsecured notes. The agency expects the company to issue the notes in two tranches due in 2030 and 2050, respectively. Republic plans to use the proceeds to repay its $850 million notes due 2020 and for other general corporate purposes.
All of S&P’s other ratings on the company remain unchanged. “We expect the company to maintain adjusted-debt to EBITDA of 3x-4x and generate positive free operating cash flow (FOCF) for the next few years. The company's adjusted debt-to-EBITDA ratio was 3.4x as of Sept. 30, 2019,” said S&P in a press release.
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