U.S.-based Covanta Holding Corp. converts waste-to-energy with numerous plants primarily in the U.S. through its subsidiary Covanta Energy LLC. Standard&Poor's Ratings Services rates both companies on a consolidated basis (Covanta). We have affirmed our 'BB-' corporate credit rating on Covanta following a full review. At the same time, we have revised our assessment of Covanta's financial risk profile to highly leveraged from aggressive, though our view of the overall financial policy has improved. The stable outlook on Covanta reflects our view that over the next 18 months the business risk profile will remain unchanged, construction at the Dublin, Ireland, plant is progressing well, and that financial performance is not likely to weaken materially. On March 28, 2016, Standard
