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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

  • ID: 1873133
  • November 2002
  • Region: United Kingdom, Great Britain
  • Standard & Poors

Abstract
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

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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Experian Finance PLC

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