Fitch rates Republic Services revolver BBB

Fitch Ratings said it assigned a BBB rating to Republic Services, Inc.'s (RSG) $2.25 billion five-year senior unsecured revolving credit facility.

The new facility replaces two prior revolving facilities.

The company’s long-term issuer default rating is BBB and the outlook is positive. The ratings cover about $8 billion of debt as of March 31.

“RSG's strong performance over the last year has been fueled by consistent yield growth, above 2%, and rising volume growth,” Fitch said in a news release.

“The company continues to benefit from rising CPI and an ongoing shift in pricing contracts to waste-linked indexes or annual fixed rate escalators.

“Recently volumes have been supported by strong event-driven business due to several one-time projects, including a large project completed in the first quarter in 2018 and hurricane-related clean up in 2017 that is not expected to reoccur.”

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