Reed Elsevier's 'A-' IDR rating affirmed with stable outlook - Fitch |
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Wed, 30 May 2007 07:00
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MUMBAI (Thomson Financial) - Fitch Ratings affirmed Reed Elsevier PLC's and Reed Elsevier NV's issuer default (IDR) and senior unsecured ratings at 'A-', with a stable outlook, and short-term rating at 'F1'.Fitch said the ratings and outlook reflect its expectation that Reed's results will continue to improve, with revenues driven by positive market fundamentals in each of its divisions and that the group will maintain leverage ratios at moderate levels.Even after the sale of its Harcourt Education unit, expected later this year, Reed will have a very well diversified business with limited reliance on advertising, Fitch said, adding that the strategic rationale for the divestment is sound. Reed announced it would dispose of Harcourt Education, which then accounted for 16 pct of group revenues, at the time of its FY06 results.The ratings and outlook also incorporate the company's committed share buyback programme and its decision to return all the net proceeds from the Harcourt disposal to shareholders, the agency said.Fitch expects both can be accommodated without a material increase in financial leverage or business risk.TFN.newsdesk@thomson.comran/jroCOPYRIGHTCopyright 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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