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Tervita sells debt to refinance after another downgrade Add to ...

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The knocks against Tervita Corp. keep piling up.

First the company was downgraded by rating agency Standard & Poor’s in January. Now it’s been downgraded by rival agency Moody’s Investors Service.

Tervita’s big problem: too much debt. After being taken private in a $3.5-billion leveraged buyout in 2007 led by founder David Werklund, the company just hasn’t had enough cash flow to dig itself out of the debt hole. Tervita provides waste management and energy services, and it was recently awarded the government contract to help clean up areas that were severely damaged by this summer’s floods, such as High River, Alta.

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