...The Nielsen Company B.V. s (Nielsen) ratings reflect the following factors: High leverage and refinancing risk. On Fitch Ratings basis of calculation, unadjusted net debt/EBITDA stood at #. #x at ## December #### (note this measure is conservative, and includes di scounted notes at their full face value). The size of the group s debt burden is such that when bullet repayments fall due in ####, Fitch still expects the group to have significant financial leverage, and therefore assesses re financing risk as high. Offsetting this is the group s business profile; which is stable, well diversified, and with positive growth prospects. This should allow it to continue to generate reliable cash flows which will be augmented by the group s cost-cutting plan, which by FY## was already delivering significant improvements in EBITDA. In the medium term, Fitch considers the grou p s policy of centralising group development and trying to provide a more integrated product to clients...
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