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U.K.-Based Retailer GUS PLC Long-Term Ratings Cut to 'BBB+'; Outlook Stable Nov 02 Product Image

U.K.-Based Retailer GUS PLC Long-Term Ratings Cut to 'BBB+'; Outlook Stable Nov 02

  • Published: November 2002
  • Region: United Kingdom, Great Britain
  • Standard & Poors

LONDON (Standard & Poor's) Nov. 21, 2002--Standard & Poor's Ratings Services said today it lowered its long-term corporate credit and senior unsecured debt ratings on U.K.-based diversified retail and information processing group GUS PLC to 'BBB+' from 'A-', following GUS' announcement of its about -900 million debt-funded acquisition of U.K. DIY retailer Homebase. The outlook is stable. At the same time, Standard & Poor's affirmed its short-term 'A-2' corporate credit rating on GUS. "The downgrade reflects the negative impact of this acquisition on GUS' financial profile, which more than offsets its business benefits, namely the added diversity provided by Homebase and the latter's well-established position in the fast-growing and largely noncyclical U.K. DIY retail industry," said Standard & Poor's credit...

Companies mentioned in this report are: Experian Finance PLC
Action: Various Rating Actions

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