Overall favorable risk characteristics of the group's core businesses of collecting, sorting, and transporting waste. Leading position as a major regional waste management operator in Germany. Vertically integrated operations, which facilitate access to raw materials and provide potential for cross-selling higher-margin services. Exposure to some cyclical segments, such as scrap and metals recycling and raw materials trading. Relatively high capital intensity for a service business. Highly fragmented and competitive market. "Aggressive" financial risk profile. The rating on Germany-based integrated waste management operator ALBA Group PLC&Co. KG (ALBA Group) reflects Standard&Poor's Ratings Services' view of the group's "fair" business risk profile and "aggressive" financial risk profile. ALBA Group's business risk profile is constrained by its exposure to
