S&P rates Republic notes BBB

Standard & Poor's said it assigned its BBB issue-level rating to Republic Services Inc.'s proposed offering of $750 million of senior unsecured notes due 2022.

The existing ratings on Republic, including the BBB long-term and A-2 short-term corporate credit ratings, remain unchanged. The outlook is stable.

The rating assigned to the notes is the same as S&P's rating on Republic's existing senior unsecured debt.

The agency said the ratings on Republic reflect the company's strong business risk profile characterized by its solidly entrenched market position and good profitability in the generally stable solid waste services industry, along with its significant financial risk profile highlighted by $8.4 billion of adjusted debt and a funds from operations to debt ratio of 26% as of March 31.

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