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BULLETIN: GUS PLC Announces Intention to List Burberry on London Stock Exchange May 02
Standard & Poors, May 2002
Abstract
Standard & Poor's said today that the announcement on May 29, 2002, by U.K.-based retailer GUS PLC (A-/Stable/A-2) of its intention to list its luxury goods division, Burberry, on the London Stock Exchange has no impact on the credit ratings or outlook on the group. GUS is likely to float up to 25% of Burberry's shares, realizing estimated proceeds of -375 million ($549 million) if the market capitalization is -1.5 billion. The current ratings already incorporate GUS' long-stated strategic objective to focus on its three core businesses of information services, retail, and logistics, and, as a result, the separation of Burberry has no impact on the group's business profile. Nevertheless, the expected proceeds would further improve GUS' existing superior financial...
Companies mentioned in this report are: Experian Finance PLC
Action: S&P Event
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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