Fitch lowers Waste Italia

Fitch Ratings said it downgraded Waste Italia SpA’s long- term issuer default rating and senior secured notes rating to CCC from B-.

The recovery rating on the notes is RR4.

The downgrades reflect the company’s tight liquidity, particularly into 2016, lower EBITDA estimates based on operating issues in landfill in 2015 and a combination of resumed price pressure for 2016, Fitch said.

Changes in senior management also affected execution of the company’s business plan, the agency said.

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