The rating on Germany-based integrated waste management operator ALBA Group PLC&Co. KG (ALBA Group) reflects Standard&Poor's Ratings Services' view of the group's fair business risk profile, characterized by the favorable risk characteristics of the group's core business of collecting, sorting, and transporting waste, and its position as a major regional waste management operator in Germany. Further support for the ratings comes from the group's vertically integrated operations, which facilitate access to raw materials and provide the potential for cross-selling higher-margin services. However, the ratings are constrained by our view of the group's aggressive financial risk profile, its exposure to some cyclicality--in segments such as steel and metals recycling and raw materials trading--and its relatively high capital
