Fitch rates Republic Services notes BBB

Fitch Ratings said it assigned a rating of BBB to Republic Services, Inc.'s new senior note offering. The $1.85 billion offering includes tranches of $700 million, $550 million and $600 million maturing in 2018, 2023 and 2041, respectively.

Fitch's current issuer default rating for the company is BBB and the outlook is stable.

Proceeds from the offering are expected to be primarily used to repay revolver borrowings and fund the calling of the May 2016 notes as well as the redemption of several Browning-Ferris Industries debentures announced in April.

The ratings consider the company's proven commitment to debt reduction as well as improvements to the capital structure that was created by the 2008 merger with Allied Waste Industries, Inc., the agency said.

The company's balance sheet debt has declined by about $1 billion since the merger was completed in December 2008, the agency added. Fitch expects that the company will continue to look for additional opportunities to improve its capital structure.

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