Waste Management Inc., North America's largest solid waste management company, has issued a $1.5 billion commercial paper (CP) program to fund its short-term liquidity needs. We are affirming all of our ratings on Waste Management Inc., including our 'A-' long-term corporate credit rating. At the same time, we are assigning our 'A-2' short-term rating to the company's new CP program. The stable outlook reflects our expectation that the company's funds from operations (FFO)-to-adjusted debt ratio will be in the 20%-30% range and its adjusted debt-to-EBITDA metric will be about 3x-4x over the next two years, which supports our significant assessment of its financial risk profile. On Feb. 1, 2017, S&P Global Ratings affirmed all of its ratings on Houston-based Waste
