S&P: Waste Industries negative

Standard & Poor's said it revised its outlook on Waste Industries USA Inc. to negative from stable.

At the same time, S&P affirmed its B+ corporate credit rating on the company as well as its B+ issue ratings and 4 recovery rating on the company's senior secured credit facility.

"The negative outlook reflects the increase in Waste Industries' leverage to 4.9x at Dec. 31, 2012 from 4.2x at Dec. 31, 2011, the limited headroom under its financial covenants following $96 million in acquisitions, and the weak pricing environment in 2012 that reduced EBITDA margins to 26.4% from the 27%-28% range of recent years," S&P credit analyst Pranay Sonalkar said in a news release.

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