Germany-based waste management operator ALBA Group PLC&Co. KG (ALBA Group) is facing refinancing risk because its senior bank facility matures in December 2013. Consequently, we have revised our assessment of ALBA Group's liquidity to "less than adequate" from "adequate" previously. We are revising our outlook on ALBA Group to negative from stable and affirming our 'BB-' long-term corporate credit rating on the group. The negative outlook reflects our view that there is scope for a downgrade if ALBA Group does not address the refinancing risk by the end of the current financial year. LONDON (Standard&Poor's) July 4, 2012--Standard&Poor's Ratings Services said today that it revised its outlook on Germany-based waste management operator ALBA Group
