Fitch rates Waste Management notes BBB

Fitch Ratings said it has assigned a rating of BBB to the two series of new senior unsecured notes issued by Waste Management, Inc.

The two series of notes have maturities in 2015 and 2019, and the combined principal amount of the new notes is $800 million, the agency said.

The new notes also contain a change of control provision that requires to Waste Management to offer to repurchase the notes at 101% of par following a change of control, as defined in the prospectus supplement, if the notes' ratings fall below investment grade from two rating agencies, Fitch said, adding that it expects proceeds from the new notes largely to be used to refinance upcoming debt maturities, as well as to repay amounts outstanding under Waste Management's revolving credit facility.

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