S&P: Waste Management on watch

Standard & Poor's said it placed its ratings, including its BBB corporate credit rating, on Waste Management Inc. on CreditWatch with negative implications.

At the same time, S&P said it said that its ratings on Republic Services Inc. remain on CreditWatch with negative implications, where they were originally placed on June 16.

These actions follow Waste Management's announcement that it has made an unsolicited, all-cash offer to acquire Republic for roughly $6.2 billion, the agency noted, adding that the CreditWatch placement reflects the expectation of meaningful deterioration in Waste Management's financial risk profile if the transaction is completed.

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