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S&P upgrades Waste Services
Standard & Poor's said it raised Waste Services Inc.'s long-term corporate credit rating to BB+ from B, following Waste Services' acquisition by IESI-BFC Ltd. (BB+/stable).
The outlook is stable.
The agency said it removed all of the company's ratings from CreditWatch, where they had been placed with positive implications Nov. 12, 2009.
Subsequent to the action, the agency withdrew all of the ratings on Waste Services, as IESI-BFC entered into new credit facilities, whereby advances from the new credit facility were used to repay Waste Services' bank debt outstanding and its senior subordinated notes outstanding.
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