Republic Services Inc.#s $650 Million Senior Unsecured Notes Due 2027 Rated #BBB+#

Stocks and Financial Services Press Releases Tuesday November 14, 2017 08:32
NEW YORK--14 Nov--S&P Global Ratings
NEW YORK (S&P Global Ratings) Nov. 13, 2017--S&P Global Ratings today assigned its 'BBB+' issue-level rating to Phoenix-based Republic Services Inc.'s $650 million senior unsecured notes due 2027.
All of our other ratings on the company remain unchanged.
We expect that Republic will use the proceeds from this offering to repay borrowings under its revolving credit facility.

The ratings on Republic reflect our excellent assessment of the company's business risk profile, which is characterized by its well-entrenched market position and solid profitability in the generally stable solid waste services industry. The ratings also incorporate our significant assessment of the company's financial risk profile, which is highlighted by its $9.5 billion of adjusted debt and funds from operations-to-debt ratio of about 22% (as of Sept. 30, 2017).

Republic is the second-largest solid waste management company in the U.S. The company generated about $9.9 billion of revenue during the 12 months ended Sept. 30, 2017.
For the complete corporate credit rating rationale, please see our most recent full analysis on Republic, published Nov. 7, 2016, on RatingsDirect.

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