Fairly predictable cash flows due to the contracted/hedged nature of most of the waste services business Strong market position as the largest energy-from-waste (EFW) company in the U.S., with 70% of the total market by volume Good geographic and revenue diversity, particularly with the recent partnership with the Green Investment Group in the United Kingdom, which has strong public policy incentives for EFW Exposure to volatile energy and metal prices High debt levels High dividend payout, leading to minimal discretionary cash flows Credit measures that are expected to remain highly leveraged despite improvement in cash flows Adequate liquidity The stable outlook on Covanta Holding Corp. reflects our expectation that the business will continue to manage its numerous contracts well, maintain
