S&P upgrades Progressive Waste from junk

Standard & Poor's said it raised its long-term corporate credit rating on Progressive Waste Solutions Ltd. to BBB- from BB+.

At the same time, S&P raised its senior secured issue-level ratings to BBB from BBB- and removed the 2 recovery rating on the debt.

"The upgrade reflects our view of Progressive Waste's financial policy, which we believe has moderated during the past few years," said S&P credit analyst Jamie Koutsoukis in a news release.

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