NEW YORK (S&P Global Ratings) Oct. 2, 2018--S&P Global Ratings today assigned its 'B' issue-level rating and '6' recovery rating to Covanta Holding Corp.'s proposed $400 million senior unsecured notes. 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 $400 million senior unsecured notes due 2022. As of June 30, 2017, Covanta had about $2.4 billion of total recourse, project-level, and imputed debt. Covanta Holding Corp., the parent of Covanta Energy LLC, is a publicly traded corporation that owns and operates numerous energy-from-waste plants across the U.S. and Ireland. Our issuer credit rating on
