Smiths long term rating cut to 'BBB+' by S&P |
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Published
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Mon, 15 Jan 2007 19:22
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LONDON (AFX) - Standard & Poor's Ratings Services said today it lowered its long-term corporate credit rating on aerospace and engineering group Smiths Group PLC to 'BBB+' from 'A-'.The action was triggered by the company's decision to dispose of its aerospace division for around 2.25 bln stg, to distribute 2.1 bln of the proceeds to shareholders and to retain some 200 mln.At the same time, the short-term corporate credit rating was affirmed at 'A-2'. The outlook is stable, S&P said.'The downgrade principally reflects our view that the sale of the aerospace operations weakens Smiths' business profile,' said Standard & Poor's credit analyst Leigh Bailey. 'The main negative factors are the group's increased reliance on cyclical industrial businesses and the loss of contribution from a division with a strong competitive position and well-balanced portfolio across civil and defense applications.'newsdesk@afxnews.comgp/slmCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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