Steady cash distributions from operating assets that are mostly contracted with highly creditworthy municipal and county governments; and Good operations history, with average boiler availability of about 90%, well above the typical contractual requirement of the waste business' generally favorable risk characteristics. High debt balances; Lower gas prices, which have reduced merchant energy prices; and A capital-intensive business and increased use of free cash flow to pay for dividends and share repurchases. The ratings on Covanta Holding Corp. reflect an "aggressive" financial risk profile marked by high debt balances, a capital-intensive business, and increased use of free cash flow to pay for dividends and share repurchases. We view Covanta's business risk profile as "satisfactory", reflecting steady cash distributions from operating
