Waste Management Inc. (WM) has steadily improved its operating performance and paid down over $1 billion in balance sheet debt since completing the 2024 acquisition of Stericycle Inc. in a transaction valued at $7.2 billion, including the assumption of Stericycle's debt. We revised the outlook on WM to stable from negative and affirmed all ratings, including the 'A-' issuer-credit rating. The stable outlook reflects the successful deleveraging WM has undertaken since the close of the Stericycle acquisition in late 2024, allowing its credit metrics to improve to more in line with our expectations for the rating. since closing the Stericycle acquisition in November of 2024. Specifically, WM has paid down over $1 billion in balance sheet debt since completing the
