Covanta Holding Corp.'s Proposed $334.6 Million Senior Unsecured Tax-Exempt Notes Rated 'B' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research

Covanta Holding Corp.'s Proposed $334.6 Million Senior Unsecured Tax-Exempt Notes Rated 'B' (Recovery Rating: '6')

Covanta Holding Corp.'s Proposed $334.6 Million Senior Unsecured Tax-Exempt Notes Rated 'B' (Recovery Rating: '6') - S&P Global Ratings’ Credit Research
Covanta Holding Corp.'s Proposed $334.6 Million Senior Unsecured Tax-Exempt Notes Rated 'B' (Recovery Rating: '6')
Published Aug 28, 2018
4 pages (1349 words) — Published Aug 28, 2018
Price US$ 150.00  |  Buy this Report Now

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Abstract:

NEW YORK (S&P Global Ratings) Aug. 28, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '6' recovery rating to Covanta Holding Corp.'s proposed $334.6 million senior unsecured tax-exempt bonds. The '6' recovery rating indicates our expectation for negligible (0%-10%; rounded estimate: 5%) recovery in the event of a default. The company intends to use the net proceeds from this issuance to refinance its existing Series 2012 tax-exempt bonds issued by the Niagara Area Development Corporation and Massachusetts Development Finance Agency. Unlike the 2012 Series Notes that are being refinanced, which we rate 'BB-', the new tax-exempt bonds will not have a guarantee from Covanta Energy LLC. As of June 30, 2017, Covanta had about $2.4 billion of total

  
Brief Excerpt:

... affected by this rating action can be found on S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column....

  
Report Type:

Ratings Action

Ticker
CVA
Issuer
Covanta Holding Corp.
GICS
Environmental & Facilities Services (20201050)
Sector
Global Issuers , Public Finance
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Covanta Holding Corp.'s Proposed $334.6 Million Senior Unsecured Tax-Exempt Notes Rated 'B' (Recovery Rating: '6')" Aug 28, 2018. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Covanta-Holding-Corp-s-Proposed-334-6-Million-Senior-Unsecured-Tax-Exempt-Notes-Rated-B-Recovery-Rating-6-2091924>
  
APA:
S&P Global Ratings’ Credit Research. (). Covanta Holding Corp.'s Proposed $334.6 Million Senior Unsecured Tax-Exempt Notes Rated 'B' (Recovery Rating: '6') Aug 28, 2018. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Covanta-Holding-Corp-s-Proposed-334-6-Million-Senior-Unsecured-Tax-Exempt-Notes-Rated-B-Recovery-Rating-6-2091924>
  
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