S&P rates Republic Services notes BBB+

S&P said it assigned its BBB+ issue-level rating to Republic Services Inc.'s $800 million senior notes due in 2028.

All other ratings on the company are unchanged.

The agency said it expects that Republic will use the proceeds to refinance its existing $700 million senior notes due in 2018.

“The ratings on Republic reflect our assessment of the company's business risk profile as excellent, characterized by its well-entrenched market position and solid profitability in the generally stable solid waste services industry,” S&P said in a news release.

“The ratings also incorporate our assessment of the company's financial risk profile as significant, highlighted by about $9.7 billion of adjusted debt and a funds from operations-to-debt ratio of about 21%.”

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