Bingo has turned to garbage under the weight of mounting debt and cash burn

The credit rating of Macquarie Asset Management’s Bingo Industries has been downgraded to the lowest “junk” rating as the struggling waste management company took out a $100 million loan on top of its already high debt.

Moody’s downgraded Bingo three notches to what the agency described on Monday as Caa2, a level considered highly risky and likely to default.

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