S&P cuts WRG view to negative

Standard & Poor's said it revised its outlook on WRG Finance plc (BB-) and related entity WRG Acquisitions plc (BB-) to negative from stable.

At the same time, all ratings on WRG Finance and WRG Acquisitions were affirmed.

S&P noted the outlook revision reflects weaker than expected operating cash flows owing to lower volumes both from the landfill disposal and waste-to-energy businesses.

The agency said the ratings on WRG primarily reflect the WRG group's highly leveraged financial profile and the negative effects of the regulatory changes in the U.K. waste disposal business, adding these are mitigated by WRG's strong positions in the U.K. landfill business and its growing, largely contracted business.

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