S&P affirms Casella Waste

Standard & Poor's said it affirmed the B+ corporate credit rating on Casella Waste Systems Inc. and removed ratings from CreditWatch with negative implications, where they were placed on May 15.

The agency assigned BB ratings to the proposed $180 million first-lien revolving credit facility due December 2012, $100 million first-lien term loan B due March 2014 and $205 million second-lien notes due July 2014 with 1 recovery rating.

The outlook is negative.

"The removal of the CreditWatch listing follows Casella's recent announcement that it is in the process of refinancing its existing credit facilities. The newly issued debt will extend near-term maturities and feature a new set of financial covenants, thereby alleviating our previous concerns around maturing debt and potential covenant violations," S&P analyst Ket Gondha said in a statement.

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