InvestorsDebtRatings

Quote from Moody's press release

“Moody's Investors Service said today, 1 August 2011, that it had changed the outlook on Wolters Kluwer N.V.'s ratings (senior unsecured at Baa1) to negative from stable. The negative outlook reflects Moody's expectation that a combination of discretionary cash outflows for acquisitions and shareholder remuneration (share buyback) and limited (if improving) growth prospects over the near term could well weaken debt protection metrics in 2011 and beyond. Wolters Kluwer's ratings continue to reflect its strong global market positions, underpinned by defensive subscription-based and other non cyclical revenues which account for over ~75% of total sales as well as the company's continuing ability to deliver healthy free cash flows (after dividends) aided to an extent by its ongoing policy to offer a share dividend option.”

Quote from Standard & Poor's press release 

On May 8, 2012, Standard & Poor's Ratings Services revised its outlook on Netherlands-based information services and publishing group Wolters Kluwer N.V. to negative from stable. At the same time, we affirmed our 'BBB+' long-term and 'A-2' short-term corporate credit ratings on the group.

The acquisition-based growth strategy and shareholder returns policy of Netherlands-based information services and publishing group Wolters Kluwer N.V. have led to a reversal of the group's deleveraging trend in 2009 and 2010 and a concomitant increase in leverage. Consequently, Wolters Kluwer's leverage ratio may continue to exceed the level that we deem commensurate with the 'BBB+' rating. We are therefore revising the outlook on Wolters Kluwer to negative from stable, and affirming our 'BBB+/A-2' corporate credit ratings on the group. The negative outlook reflects our view that Wolters Kluwer's leverage metrics may not improve to levels consistent with the current rating over the next 18-24 months in light of the group's financial policy and continued macroeconomic pressures.