09:51 AM EDT, 03/13/2024 (MT Newswires) -- Moody's on Tuesday affirmed GFL Environmental's ( GFL ) B1 corporate family rating and B1-PD probability of default rating.

At the same time, the rating agency affirmed the ratings on the company's debt instruments, including the Ba3 senior secured first lien term loan and senior secured notes rating and B3 senior unsecured notes rating.

The outlook remains positive. The SGL-2 speculative-grade liquidity rating is unchanged.

"Despite GFL's slower deleveraging path from higher than expected acquisitions in 2023, the decision to maintain the positive outlook reflects our expectation of improving operating cash flow, supportive industry fundamentals and GFL's commitment to a more disciplined capital allocation policy in 2024." Dion Bate, vice president - senior analyst at Moody's, said.

GFL Environmental ( GFL ) is a waste management company.

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