Fairly predictable demand due to the essential nature of its services. Strong market position as the largest solid waste services company in North America, with a broad array of service capabilities. Good geographic and customer diversity. Low organic growth rates. Above-average margin levels that we expect to continue improving. High debt levels. Exposed to cyclical demand in some segments, such as roll-off hauls and commodities recycling. Solid and consistent free cash flow of over $1 billion annually, the majority of which is allocated toward acquisitions, dividends and share repurchases. Sizable asset retirement and environmental obligations. The stable rating outlook on Waste Management Inc. reflects S&P Global Ratings' expectation that the company's strong position in solid waste services will enable it
