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S&P Credit Research524 word report
published Aug 03, 2009
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S&P Credit Research
| Abstract: | LONDON (Standard&Poor's) Aug. 3, 2009--Standard&Poor's Ratings Services said today that its ratings and outlook on Reed Elsevier Group (BBB+/Negative/A-2) are not affected by the share placement of approximately £824 million ($1.36 billion or €964 million). The share placement would bring Reed Elsevier's credit metrics more in line with the current 'BBB+' rating, as the proceeds will be used to reduce Reed Elsevier's debt, including paying down the remaining debt facility arising from the acquisition of ChoicePoint. The group's credit metrics were under significant pressure following its inability to sell the Reed Business Information (RBI) division to reduce its debt, following its acquisition of ChoicePoint. The group ended 2008 with high adjusted debt to EBITDA of 4.5x.
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| Brief Excerpt: | RESEARCH Ratings Definitions Bulletin: Reed Elsevier Ratings And Outlook Are Not Immediately Changed By Share Placement, But Rating Headroom Should Improve Publication date: 03-Aug-2009 Primary Credit Analyst: Raam Ratnam, London...
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| Report Type: | Bulletin
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| Ticker: | REL@LN
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| Issuer: | Reed Elsevier PLC
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| GICS: | Publishing (25401040)
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| Sector: | Global Issuers
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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