Moody's assigns GFL notes Ba3

Moody's Investors Service said it assigned a Ba3 rating to GFL Environmental Inc.'s proposed $400 million of senior secured notes due in 2025.

The net proceeds will be held in cash and used for general corporate purposes. “The transaction is expected to increase GFL's leverage for FY2020E from 4.1x to 4.6x,” Moody’s said in a press release.

The B1 corporate family rating, B1-PD probability of default rating, Ba3 ratings on GFL's existing senior secured bank credit facility and senior secured notes and B3 ratings to its senior unsecured notes are unchanged, the agency said. The speculative-grade liquidity rating also remains unchanged at SGL-2.

The outlook remains stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.