Fitch upgrades Allied Waste |
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Published
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Thu, 10 May 2007 18:28
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CHICAGO (AP) - Fitch Ratings upgraded Allied Waste Industries Inc. and two of its subsidiaries on an improving credit profile and reduction of debt.The ratings service upgraded the company's issuer default rating to 'B+' from 'B,' and the senior secured notes rating of subsidiary Browning-Ferris Industries to 'BB/RR2' from 'B+/RR3.'Fitch raised three of the ratings for Allied Waste North America, including its issuer default rating to 'B+' from 'B,' secured credit facility rating to 'BB+/RR1' from 'BB/RR1' and senior secured notes rating to 'BB/RR2' from 'B+/RR3.'In addition, Fitch affirmed Allied Waste North America's senior unsecured notes at 'B,' although the recovery rating has been changed to 'RR5' from 'RR4.'The service rated the company's outlook as 'Stable.'Fitch said the company has steadily improved its credit profile by using cash flow to reduce debt. The company, Fitch said, is now in line with its competitors and is expected to improve once planned efficiency improvements take hold.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Allied Waste completes notes offering 