07:10 AM EDT, 04/02/2024 (MT Newswires) -- S&P Global Ratings said Monday that it has upgraded its ratings on GFL Environmental Inc. ( GFL ) , a North American diversified environmental services company, including its long-term issuer credit rating, to BB- from B+.

The positive outlook reflects the expectation that high-single-digit EBITDA growth and relatively steady adjusted debt levels over the next couple of years should contribute to adjusted debt to EBITDA below 5x and adjusted FOCF to debt above 5% within the next couple of years, the rating agency said.

"The rating upgrade from S&P is a testament to the strong execution of our strategy to increase free cash flow and de-lever the business", Patrick Dovigi, chief executive officer and founder of GFL, said in a statement. "We remain committed to making disciplined capital allocation decisions while continuing to focus on de-levering the business, with the expectation that we will achieve an investment grade credit rating before the majority of our fixed rate debt matures."