S&P rates Waste Management notes BBB

Standard & Poor's said it assigned a BBB rating to Waste Management Inc.'s proposed $600 million senior unsecured notes due 2020, which the company is issuing from a shelf registration filed in September 2009. Its existing ratings, including its BBB long-term corporate credit rating, are unchanged.

The proceeds are expected to be used to repay the $600 million principal amount of its existing senior unsecured notes due August 2010, the agency said.

The outlook is stable.

The ratings reflect Waste Management's strong business risk profile, which reflects the essential nature of services provided, S&P said, the company's leading market position and diversity

These strengths are tempered by the company's allocation of cash flow toward dividends and share repurchases, high debt balances and sizable asset retirement and environmental obligations, the agency said.

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