Germany-based waste management operator ALBA Group plc&Co. KG (ALBA Group) has successfully refinanced its upcoming debt maturities with a new €400 million senior bank facility due 2017. As a result we have revised upward our assessment of ALBA Group's liquidity to "adequate" from "less than adequate." We are therefore revising our outlook on ALBA Group to stable from negative and affirming our 'BB-' long-term corporate credit rating on the group. The stable outlook reflects our view that, despite challenging operating conditions, the group will generate positive free operating cash flow that it will use to repay debt. On Nov. 19, 2012, Standard&Poor's Ratings Services revised its outlook on Germany-based waste management operator ALBA Group plc&
