WIN Waste Innovations Holdings Inc. recently refinanced its $315 million revolver, extending its maturity to January 2029 and consolidated its term loan B into a new $1.208 billion tranche due April 2029, reducing its near-term refinancing risk. Additionally, the company's credit metrics have improved, with S&P Global Ratings-adjusted debt to EBITDA expected to remain below 6x on a weighted average basis. Therefore, we raised our ratings on the company by one notch, including our issuer credit rating, to'B'from'B-'. We also raised our issue-level ratings one notch to'B'from'B-'on the company's senior secured debt. The senior secured recovery rating is unchanged at'3'. The'3'recovery rating indicates our expectation for meaningful (50%-70%; rounded estimate:
