Moody's: Waste Management unchanged

Moody's Investors Service said that Waste Management, Inc.'s Aug. 11 announcement of its offer to acquire all of the outstanding common stock of Republic Services, Inc. for cash of $37 per share does not at this time affect Moody's existing review for downgrade of Waste Management's ratings.

Moody's said it initiated its review of Waste Management's ratings on July 14, upon Waste Management's announcement of its initial $34 per share offer to acquire Republic.

"The new, higher offer would require significant financing to complete and, if incremental debt were used for the transaction, could result in credit metrics at Waste Management that fall deeper into speculative-grade rating territory than those inherent in Waste Management's initial offer," said Moody's analyst Jonathan Root.

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