WIN Waste Innovations Holdings Inc. has partially addressed a key liquidity risk (related to the medium-term maturities of it debt) after paying down borrowings under its revolving credit facilities with proceeds from the sale of an asset. We affirmed our 'B-' issuer credit rating on the company and issue-level rating on its senior secured debt. We revised the outlook to positive from stable. The maturity of a very large portion of the company?s balance sheet debt between December 2027 and March 2028 remains a key credit risk. The positive outlook reflects an at least one-in-three likelihood we could raise ratings one notch to 'B' if the company refinances its debt maturities in the next 12 months, while maintaining, or improving
