Fitch rates Waste Management notes BBB

Fitch Ratings said it assigned a BBB rating to Waste Management, Inc.'s $400 million of senior notes due February 2021.

A portion of the proceeds are expected to be used to fund the repayment of Waste Management's $147 million of senior notes due March 15. The remaining proceeds will be used for general corporate purposes.

Waste Management's issuer default rating is BBB and the outlook is stable.

The ratings reflect the waste services company's continued financial flexibility and strong free cash flow generation despite what is expected to be a relatively low growth operating environment in 2011, Fitch said.

The relatively variable cost structure of Waste Management's collection operations and additional expense savings from recent corporate restructuring also support the company's margins, the agency said.

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