S&P gives Republic Services notes BBB

Standard & Poor's said it assigned its BBB senior unsecured debt rating to Republic Services Inc.'s $850 million of senior unsecured notes due 2020 and $650 million of senior unsecured notes due 2040.

At the same time, S&P said it affirmed its existing ratings on Republic, including the BBB long-term and A-2 short-term corporate credit ratings.

The outlook is stable.

According to the agency, the notes rank equal to Republic's existing senior unsecured indebtedness and are jointly and severally guaranteed by substantially all of Republic's direct and indirect subsidiaries.

"The rating on Republic reflects the company's solidly entrenched market position as the second-largest waste hauler in the U.S.; its well-diversified customer, revenue, and geographic mixes; and its strong profitability," said S&P credit analyst James Siahaan.

"Offsetting factors tempering the ratings include increased leverage and a significant financial risk profile following its acquisition of Allied Waste Industries Inc."

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