Issuer Ranking: U.S. Environmental Services Companies, Strongest To Weakest Jul 08

Standard & Poors, July 2008

Abstract
Except for possible rating actions related to mergers and acquisitions and some vulnerability to downgrades at the low end of the rating spectrum, the outlook for credit quality in the U.S. environmental services sector is stable. Companies continue to benefit from improved pricing initiatives across most operations and regions of the country. Standard & Poor's Ratings Services expects issuers to remain focused on implementing price increases, in an effort to offset volumes losses because of a weak economy and a slowdown in residential construction. Companies in the mature and competitive U.S. solid waste industry represent more than half of the 14 rated companies in the sector. In general, we view the business risk characteristics of solid waste companies as favorable...

Companies mentioned in this report are:
- Gundle/SLT Environmental Inc.
- Waste Management Inc.
- Allied Waste Industries Inc.
- Clean Harbors Inc.
- HydroChem Industrial Services Inc.
- Republic Services Inc.
- Casella Waste Systems Inc.
- Waste Connections Inc.
- Synagro Technologies Inc.
- Waste Services Inc.
- EnviroSolutions Holdings Inc.
- United Site Services Inc.
- Safety-Kleen Systems Inc.
- WCA Waste Corp.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Gundle/SLT Environmental Inc.
- Waste Management Inc.
- Allied Waste Industries Inc.
- Clean Harbors Inc.
- HydroChem Industrial Services Inc.
- Republic Services Inc.
- Casella Waste Systems Inc.
- Waste Connections Inc.
- Synagro Technologies Inc.
- Waste Services Inc.
- EnviroSolutions Holdings Inc.
- United Site Services Inc.
- Safety-Kleen Systems Inc.
- WCA Waste Corp.

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