Moody's ups Clean Harbors, rates bonds Ba2

Moody's Investors Service said it confirmed the Ba2 corporate family and probability of default ratings for Clean Harbors Inc.'s, assigned a Ba2 rating to the proposed $550 million senior unsecured bonds and upgraded the rating on the existing $800 million 5¼% senior unsecured notes to Ba2 from Ba3.

The outlook is stable.

These actions complete the ratings review initiated on Oct. 29 following Clear Harbors' announced plans to acquire Safety-Kleen Inc.

The proceeds of the proposed bonds will be used along with cash on hand and proceeds of a stock offering to fund the $1.25 billion purchase of Safety-Kleen.

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