On Jan. 22, 2007, Standard&Poor's Ratings Services assigned a 'BB-' corporate credit rating to Covanta Holding Corp. (Covanta Holding) and a 'B' issue rating to the company's $325 million in senior unsecured convertible bonds. At the same time, Standard&Poor's also raised the corporate credit rating on subsidiary Covanta Energy Corp., to 'BB-' from 'B+' and assigned a 'BB-' issue rating, with a '2' recovery rating (reflecting 80% to 100% of recovery in a default scenario) to its proposed $1.3 billion credit facilities consisting of a $680 million, first-lien secured term loan, $320 million in funded LOCs, and $300 million in revolving credit facilities. The outlook remains stable. As of Sept. 30, 2006, Fairfield, N.J.-based Covanta Holding
