S&P rates Waste Management's notes BBB

Standard & Poor's said it assigned its BBB rating to Waste Management Inc.'s proposed $500 million senior unsecured notes due 2018, guaranteed by the company's wholly owned subsidiary, Waste Management Holdings Inc.

At the same time, S&P said it affirmed its existing ratings on Waste Management, including the BBB corporate credit rating.

The outlook is stable.

The agency said that the notes are being issued from an existing shelf registration, with proceeds to be used to retire about $244 million of Waste Management's 8.75% senior notes due in 2018 and to pay down borrowings under its revolving credit facility.

According to S&P, the ratings on Waste Management reflect its position as the largest solid waste management company in the U.S. and Canada and its somewhat aggressive financial profile.

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