Strong market positions, particularly in the high-margin Collection and Recycling segments, industry dynamics and a strong financial risk profile are supports. Food’s lower profitability, diversification and cash flow cover are constraints.

The affirmation reflects positive industry dynamics, strong market positions in key segments and markets, continued strong profitability and low leverage.

The issuer rating reflects positive industry dynamics, strong market positions in key segments and markets, strong profitability and low financial leverage.