London, 22 July 2016 -- Moody's Investors Service, ("Moody's") has today changed Emerald 2 Limited (a holding company of Environmental Resources Management, "ERM", or the company) and Emerald 3 Limited 's rating outlook to negative from stable. At the same time, Moody's has affirmed Emerald 2 Limited's B2 corporate family rating (CFR) and B2-PD probability of default rating, as well as the B1 instrument ratings on Emerald 3 Limited's USD754 million first-lien senior secured facilities due in 2021 and Caa1 instrument rating on the USD175 second-lien secured facilities due 2022.

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