S&P elevates Tervita

S&P said it raised its long-term issuer credit and second-lien senior secured debt ratings on Tervita Corp. to B+ from B. The recovery rating on the senior secured debt is unchanged at 3, reflecting an expectation of meaningful (50%-70%; rounded estimate 60%) recovery under our simulated default scenario.

At the same time, S&P removed the ratings on Tervita from CreditWatch, where they were placed with positive implications March 1. The outlook is stable.

“The upgrade primarily reflects our view that Tervita's business risk profile has strengthened following the completion of the company's merger with Newalta Corp., with increased scale of operations and leading market position as an energy-focused environmental and waste solutions provider in Canada,” S&P said in a news release.

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