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Fitch affirms Waste Management
Fitch Ratings said it affirmed Waste Management, Inc.'s issuer default rating, senior unsecured credit facility and senior unsecured debt at BBB.
The outlook is stable.
The ageancy said Waste Management 's ratings reflect the waste services company's continued financial flexibility and free cash flow generation despite the recession-driven decline in collection and disposal volumes.
EBITDA leverage rose to 3.1 times at June 30 from 2.5 times a year ago due to the $600 million unsecured note issuance in late June that was used to repay the company's August 2010 maturity. Fitch said the temporary increase in leverage does not represent a material rating concern, but any significant follow-on debt issuances, other than for refinancing, could increase leverage to a level sufficient to warrant a revision in the outlook or a downgrade.
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