U.S. energy company Covanta Holding has issued $460 million of senior unsecured notes. We are assigning our 'B' rating to the notes. The positive outlook reflects our expectation that predictable cash flow from waste disposal and power contracts should improve consolidated credit metrics over the medium term. On June 30, 2009, Standard&Poor's Ratings Services assigned its 'B' rating to Covanta Holding Corp.'s $460 million cash convertible senior unsecured notes due 2014. The rating on the $325 million senior unsecured convertible debentures due 2027 (as of March 31, 2009 the amount is $374 million with exercise of over-allotment option) is 'B'. The recovery rating on all senior unsecured debt at Covanta Holding is '6', indicating the expectation for negligible
