S&P ups, withdraws Progressive Waste

S&P said it raised its long-term corporate credit rating on Progressive Waste Solutions Ltd. to BBB+ from BBB-.

The ratings were removed the ratings from CreditWatch with positive implications, where they were placed Jan. 19.

The agency subsequently withdrew the corporate credit rating at the company's request. At the time of withdrawal, the outlook was stable.

S&P also withdrew its BBB issue rating on Progressive's $1.85 billion credit facility and $500 million term loan due 2020.

The action follows the June 1 closing of the transaction between Waste Connections Inc. and Progressive Waste Solutions Ltd. The agency is assessing Progressive's position within the Waste Connection's group as core under a group rating methodology criteria. This results in equalizing the rating on Progressive with that of Waste Connections.

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