Moody's assigns Covanta Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating, a Ba3-PD probability of default rating and SGL-2 speculative grade liquidity to Covanta Holding Corp., which is now a private company under the ownership of EQT Investors.

Moody's also affirmed Covanta's senior notes at B1 senior unsecured notes and term loan at Ba1.

"Covanta's Ba3 CFR reflects our view that the company will continue to benefit from its fundamental credit strengths under EQT ownership, including highly contracted waste revenues, diversification into the United Kingdom (U.K.) waste market, and revenue increases from organic growth and new initiatives related to its environmental services business," said Jairo Chung, a Moody’s vice president and senior credit officer, in a press release.

The outlook is stable.

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