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 and "aggressive" financial risk profile. ALBA Group's business risk profile is constrained by its exposure to cyclical segments such scrap and metals and by its relatively high capital intensity for a waste operations business. However, these risks are partly offset by the favorable risk characteristics of the group's core business of collecting, sorting, and transporting waste. Further business risk supports are ALBA Group's position as a major regional waste management operator in Germany and the group's vertically integrated operations, which facilitate access to raw materials and provide the potential for
