Our ratings on Australia-based Recycle and Resource Operations Pty Ltd. (Bingo) reflect its vertically integrated operating structure, landfill and recycling assets, strong presence in the Sydney market, and leverage to the structural shift toward greater recycling. Recycle and Resource Operations Pty Ltd. is a holding company for BINGO Industries Ltd. The company's small scale and limited geographic diversity; exposure to cyclical end-markets; limited track record in its current form; commissioning, regulatory, and environmental risks; and highly leveraged capital structure constrain the ratings. Bingo issued a A$825 million secured term-loan B (TLB) (US$375 million tranche and A$325 million tranche) to refinance its capital structure and partly fund its buyout by Macquarie Infrastructure and Real Assets (MIRA), which we view as strategic
