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Casella Waste Systems Inc. Ratings Lowered To 'B' From 'B+' On Limited Financial Covenant Headroom; Outlook Is Negative Mar 12
Standard & Poors, March 2012
U.S.-based Casella Waste Systems Inc. has very limited headroom under its financial covenants, one of which steps down as of the company's fiscal-year end date, April 30, 2012. We are lowering our corporate credit rating on Casella to 'B'. We are also lowering our ratings on the company's various debt issues. The negative outlook reflects our view that, despite the likelihood that an amendment will provide additional financial covenant headroom, there is still some uncertainty regarding the extent of the relief, as well as the timing of future step-downs; combining this with our expectations of weak credit measures, we do not yet preclude the possibility of another downgrade over the next year. NEW YORK (Standard & Poor's) March 8, 2012--Standard...
Companies mentioned in this report are: Casella Waste Systems Inc.
Action: Outlook: Negative
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: News
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Casella Waste Systems Inc.