German waste management company ALBA Group has closed the sale of 60% stakes in its service business and high-growth business in China to a joint venture it set up with Techcent. The sale proceeds will allow the company to repay the outstanding amount on its senior secured facilities and--alongside proposed refinancing--also improve the group's liquidity position and financial risk profile, in our view. We are therefore raising our long-term rating on ALBA Group to 'B+' from 'B-', and our issue rating on the company's €203 million notes to 'B-' from 'CCC', while removing the ratings from CreditWatch developing. The positive outlook indicates that we could raise the ratings if the company's EBITDA improves further, resulting in a sustainably stronger financial
