S&P boosts Clean Harbors loan

Standard & Poor's said it revised its ratings on Clean Harbors Inc.'s senior secured $50 million synthetic letter of credit facility and $30 million term loan, noting that the loan ratings were raised to BB+, one notch above the corporate credit rating, from BB and the recovery ratings were revised to 1 from 2.

At the same time, the agency said it revised its recovery rating on the company's $150 million second-lien senior secured notes, which have $91.5 million remaining, to 4 from 5.

The rating on the second-lien senior secured notes remains unchanged at B+, S&P said, adding that it affirmed the BB+ rating and 1 recovery rating on Clean Harbors' $70 million revolving credit facility.

The outlook is stable.

According to S&P, the ratings on Clean Harbors reflect an aggressive financial risk profile, including significant environmental liabilities, a growth strategy that could limit further improvement of the balance sheet and susceptibility to economic cycles while partially offsetting these factors are a leading position in the hazardous waste management industry and improved financial flexibility with a favorable debt-maturity schedule.

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