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Moody's rates WCA Waste loans B3, Caa1
Moody's Investors Service said it assigned a B3 senior implied rating and Caa3 senior unsecured issuer rating to WCA Waste Corporation and its wholly owned subsidiary, WCA Waste Systems, Inc.
Moody's also assigned a B3 rating to WCA Waste's $75 million five-year first-lien credit facility and $100 million six-year first-lien credit facility and a Caa1 rating to its $25 million 6.5-year second-lien term loan. The outlook is stable.
The ratings reflect the company's significant acquisition led growth with corresponding high leverage that is expected to reach about 5x total debt-to-EBITDA for fiscal 2005 and 1.5x debt-to-revenue for fiscal 2005, declining margin performance for the past three years and break-even fixed charge coverage and significant and growing intangibles.
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