The operating performance of Germany-based waste management operator ALBA Group plc&Co. KG (ALBA Group) has been weaker than we anticipated due to sustained competition and weak scrap metal prices. Consequently, we are lowering our long-term corporate credit rating on ALBA Group to 'B' from 'B+'. The negative outlook reflects our view that there is one in three chance of a downgrade if ALBA Group's operating environment continues to deteriorate, thereby further weakening the group's credit metrics. On May 6, 2014, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Germany-based waste management operator ALBA Group plc&Co. KG (ALBA Group) to 'B' from 'B+'. The outlook is negative. At the same time, we lowered
