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S&P ups UBM, rates Informa BBB
S&P said it assigned its BBB long-term issuer credit rating to Informa plc and raised its rating on core subsidiary UBM plc to BBB from BBB-.
The outlook is negative.
S&P removed all the ratings on UBM from CreditWatch with positive implications where they were placed on Jan. 19.
The agency withdrew the A-3 short-term rating on UBM and withdrew the BBB-/A-3 long- and short-term issuer credit ratings on United Business Media.
S&P raised the rating on UBM's $350 million senior bonds to BBB from BBB-.
The agency said the actions reflect the combined scale and diversity of Informa's and UBM's geographic footprint and end markets, and the robust market position in the global events business, with pro forma combined revenues of around £2.75 billion in the financial year 2017.
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