Fitch: Waste Management on watch

Fitch Ratings said it placed the ratings of Waste Management, Inc. on rating watch negative following the announcement that Waste Management has made a cash offer to acquire Republic Services, Inc. for $34 per share.

Fitch noted that it has placed the following ratings on rating watch negative: issuer default rating at BBB, senior unsecured credit facility at BBB and senior unsecured debt at BBB.

Waste Management's offer for Republic amounts to $6.2 billion in cash, a substantial portion of which would be financed, the agency added.

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