Moody's upgrades Allied Waste outlook |
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Thu, 18 Jan 2007 21:53
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NEW YORK (AFX) - Moody's Investors Services on Thursday upgraded Allied Waste Industries Inc.'s outlook from positive to stable and affirmed the waste services company's long-term debt ratings.The ratings agency said the Phoenix-based waste services company rating was upgraded to 'stable' to reflect overall industry strength and the company's strong revenue growth during the first nine months of 2006. Allied Waste's revenue grew by 7.6 percent in that period.Moody's noted the company's positive free cash flow and its ability to acquire capital also contributed to the upgrade.'Although the company has made progress with its best practices program over the last year and a half, ongoing implementation costs, fluctuations in fuel costs and cyclical weakness in construction activity may put pressure on operating margins,' the ratings agency said, adding expected improvements to cash flow will likely be confined by interest payments and high ongoing capital expenditure levels.Moody's also affirmed Allied Waste North America, Inc. and its wholly owned subsidiary Browing-Ferris Industries LLC long-term debt ratings.Shares of Allied Waste gained 5 cents to $12.65 in afternoon trading on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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