S&P cuts Waste Management bonds

Standard & Poor's said it lowered its long-term and short-term ratings on four solid waste revenue bonds guaranteed by Waste Management Inc. to BBB and A-2 and removed the ratings from Creditwatch, where they were originally placed with negative implications on Feb. 25.

The other ratings on Waste Management, including its BBB corporate credit rating, are not affected, S&P added.

The downgrade reflects the weaker level of credit support on the bonds, as the previous credit enhancement derived from bank letters of credit has been withdrawn, the agency noted.

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