Financial Services Industry
Industry: Email Alert RSS FeedFitch cuts WH Smith debt to junk.
Financial News, April, 2004
Byline: Vivek Ahuja
Fitch Ratings, has cut to junk the debt of WH Smith, the UK retailer targeted for takeover. The move comes after the group Smith announced huge losses on Thursday and despite the sale of its Asia Pacific retail business.The agency has warned of further cuts if the company is eventually sold to Permira, the private equity group which has already made a [pounds sterling]937m ([euro]1.4bn) indicative offer and is now going through Smith's books as part of due dilligence. Goldman Sachs advising Permira.
Fitch cut WH Smith's senior unsecured debt rating by one notch from low triple-B to high double-B - the highest sub-investment grade rating, and assigned a negative outlook to the rating, indicating that further downgrades are...
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