U.S. energy company Covanta Holding Corp. initiated a regular quarterly dividend of 75 cents per share and increased share repurchase authorization by an additional $50 million. We are affirming the corporate credit ratings and debt ratings on Covanta Holding Corp. and Covanta Energy Corp. The stable outlook reflects our expectation that the reduction in liquidity is offset by greater predictability and stability of future cash flows from existing waste and power contracts, given the plan to reduce development. On March 15, 2011, Standard&Poor's Ratings Services affirmed its 'BB-' corporate credit rating on Covanta Holding Corp. and its 'B' ratings on the $373.7 million senior unsecured convertible debentures due 2027 (as of Dec. 31, 2010, the balance was $57.3
