Date: July 16, 2010
Source: News Room
Casella Waste Systems is getting good marks from Standard & Poor's Ratings Services which raised its outlook on the waste management company to "stable." S&P notes Casella's improving results and gains in solid-waste and recycling volumes, as well as "our belief that management will continue to make progress with its goal of reducing debt," said S&P analyst James Siahaan. S&P noted that those debt reductions could come from money the company receives by divesting some of its assets. Earlier this month, Casella sold its Cape Cod, MA operations for $7.8 million in order to reduce borrowings and streamline operations. In June, the company reported that its fourth-quarter loss narrowed after impairment charges the previous year weighed on the bottom line, and posted solid revenue growth, helped by a recent rebound in recycled commodity pricing.
To learn more, visit Standard & Poor's website: www.standardandpoors.com.
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