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S&PCORRECT: Outlook on Smiths Group Revised to Negative From Stable; 'A-/A-2' Ratings Affirmed Nov 01
Standard & Poors, November 2001
(Editor's note: The first sentence of this press release, issued earlier today, has been revised. A corrected version of the release follows.) LONDON (Standard & Poor's) Nov. 15, 2001--After a trading statement issued this week by U.K.-based engineering and aerospace group Smiths Group PLC (Smiths), Standard & Poor's today revised its outlook on Smiths and its subsidiary TI Group PLC to negative from stable. At the same time, the ratings on Smiths and guaranteed related entities were affirmed, including the single-'A'-minus and 'A-2' corporate credit ratings on Smiths. The outlook revision reflects the sharper-than-expected downturn in demand, as well as uncertainty over the future trading environment. As first-half operating profit is expected to fall by 15% from the previous year,...
Companies mentioned in this report are: Smiths Group PLC,TI Group PLC
Action: Outlook Revised
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Research type: News
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Smiths Group PLC,TI Group PLC