S&P gives Waste Connections notes BBB+

S&P said it assigned its BBB+ issue-level rating to Waste Connections Inc.’s proposed senior unsecured notes due 2050. The agency believes the company will issue at least $400 million of these notes.

This issuance follows the company’s issuance of $600 million of 2.6% 10-year senior notes on Jan. 21. Proceeds are expected to be used for general corporate purposes, which may include refinancing some of the borrowings under its revolving credit facility due March 2023. Last year, the company used its revolver to fund acquisitions and repay $175 million of senior notes in the fourth quarter. The company had $1.6 billion of borrowings outstanding under its credit facility as of Dec. 31.

All of S&P’s ratings for the company and its subsidiary IESI Corp. are unchanged.

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