Fitch cuts Republic Services, ups Allied Waste from junk

Fitch Ratings said it downgraded Republic Services, Inc.'s issuer default, senior unsecured credit facility rating and senior unsecured rating to BBB- from BBB+ following the closing of its merger with Allied Waste Industries, Inc.

Fitch also upgraded Allied Waste Industries, Inc.'s issuer default rating to BBB- from B+ and senior subordinated rating to BB+ from CCC+/RR6.

The BBB- rating reflects the consolidated entity's credit profile, which is weaker than Republic Service's pre-merger credit profile but stronger than that of pre-merger Allied Waste, the agency said.

At Sept. 30, pro-forma EBITDA leverage was 3.1 times.

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