We believe the operating environment for the metal scrap recycling industry and waste operations will continue to be weak in the near term. We anticipate that ALBA Group's operating results for financial year 2013 will be materially lower than the results for financial 2012. We are therefore revising our outlook on ALBA Group to negative from stable and affirming our 'BB-' long-term corporate credit rating on the group. The negative outlook reflects our view that we could lower the rating if the weakness in ALBA Group's market environment does not reverse in the second half of financial 2013. On May 10, 2013, Standard&Poor's Ratings Services revised its outlook on Germany-based waste management operator ALBA Group plc&Co.
