Moody's gives Republic Services notes Baa3

Moody's Investors Service said it assigned Baa3 ratings to $1.5 billion of new senior unsecured notes of Republic Services, Inc.

They are comprised of $850 million of 5.0% notes due 2020 and $650 million of 6.2% notes due 2040.

The outlook is stable.

Each subsidiary that guarantees Republic's revolving credit facilities will guarantee, on a senior unsecured basis, the notes, the agency said.

Moody's added that it expects no increase in net debt or financial leverage, since according to Republic, it will apply the proceeds to debt reduction, including to the respective calls of the 6.125% senior unsecured notes due 2014 and the 7.25% senior unsecured notes due 2015 as well as to reduce drawings on its revolving credit facility.

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