Fitch lowers Republic Services view to stable

Fitch Ratings said it affirmed the long-term issuer default ratings on Republic Services, Inc. and Browning-Ferris Industries, LLC at BBB.

Fitch also said it affirmed the ratings on Republic's senior unsecured credit facility and senior unsecured notes at BBB, as well as Browning-Ferris's senior unsecured notes at BBB.

The outlook was revised to stable from positive.

The ratings reflect leverage higher than previous expectations and metrics that have been maintained somewhat weaker than its main peers, Fitch said.

The agency said it views a future positive rating action as a possibility provided the company seeks to maintain an adjusted debt-to-EBITDAR of less than 3x, which is more in line with its peers.

The municipal solid waste industry continues to exhibit a good degree of competitive discipline, particularly among the industry's large public firms that account for more than one-third of the market, Fitch said.

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