Quote from Moody's press release

“Moody's Investors Service today, 2 August 2007, changed the rating outlook for Wolters Kluwer NV (sr. unsecured ratings at Baa1) to stable. The outlook change is based on Moody's expectation that Wolters Kluwer will deliver an operational performance overall in line with current guidance, including organic revenue growth of ~4% in total, aggregating growth from all continuing business divisions and margin improvement in 2007 to 19-20% (on an Ordinary EBITA basis as measured by Wolters Kluwer). The outlook change also factors in Moody's assumption that Wolters Kluwer can remain on a positive operating trajectory with continued visible organic growth and commensurate profit and margin development.”

Quote from Standard & Poor's press release

“The outlook revision reflects a confirmation of financial policy targets by Wolters Kluwer's management," said Standard & Poor's credit analyst Anna Overton. "The stable outlook also reflects the group's intention to continue prioritizing business development and acquisition spending over shareholder returns as long as the current rates of return on investment continue."

Wolters Kluwer targets financial leverage of up to 2.5x net reported debt to EBITDA, which we consider to be in line with the rating level. The financial policy announcement comes against a background of continuing strong growth across the group’s portfolio of professional publishing businesses, combined with margin improvement and strong conversion of profits into cash.

The stable outlook reflects the progress of Wolters Kluwer's business restructuring effort, with good organic growth rates and cost rationalization helping to offset the cost of the recent midsize debt-funded acquisitions. As the group receives the full benefit of its multiyear reorganization program in 2007, it is also expected to demonstrate solid returns on the recent acquisitions.”