U.S. energy company Covanta Holding Corp. plans to issue $400 million of senior unsecured notes to substantially repay the debentures due in 2027. We are assigning a 'B' rating and '6' recovery rating to the new notes. The stable outlook reflects our expectation for the predictable cash flow from waste contracts and energy markets under our energy price deck. On Nov. 10, 2010, Standard&Poor's Ratings Services assigned its 'B' rating and '6' recovery rating to Covanta Holding's $400 million senior unsecured notes due 2020, indicating the expectation for negligible recovery (0-10%) of principal if a payment default occurs. At the same time, we affirmed the 'BB-' corporate credit rating and 'B' ratings on the $325 ($374 million outstanding
