Compass long-term ratings affirmed at 'Baa2' with negative outlook - Moody's |
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Published
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Tue, 15 May 2007 07:33
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MUMBAI (Thomson Financial) - Moody's Investors Service said it has affirmed the ratings of UK contract catering giant Compass Group PLC after it sold its European vending business Selecta to German private equity firm Allianz Capital Partners for 752.5 mln stg.The ratings agency has a long term debt rating of 'Baa2' on the company with a negative outlook.Moody's said the rating action reflects the impact of the Selecta sale on Compass' credit metrics, as a portion of the proceeds is retained to reduce the company's debt and its UK pension deficit, Moody's said.The ratings agency said the ratings also factor in the expectation that Compass will continue to pursue its focus on organic growth and that future acquisition activity will remain limited in size and scope over the intermediate term.TFN.newsdesk@thomson.comrku/manCOPYRIGHTCopyright AFX News Limited 2007. 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.
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Wolters Kluwer ratings affirmed by S&P, Moody's on sales talks UPDATE 