S&P's Editis ratings unaffected

Standard & Poor's said its rating and outlook on Editis Holding SA (BB-/stable) are unchanged following the company's announcement that it plans to redeem the outstanding principal of its €150 million senior notes due 2014 on April 15. Editis will redeem its senior notes at par plus the applicable premium and accrued interest. The early repayment is likely to be financed through a new multi-currency term loan facility that the company is negotiating.

S&P said it expects the loan's impact on the current rating and outlook to be neutral, assuming Editis' financial policy remains broadly unchanged. The agency also expects Editis' reported operating performance and credit metrics at year-end 2005 to be in line with the rating and levels achieved in the 12 months ended Sept. 30. Specifically, lease-adjusted net debt to EBITDA is likely to be about 5.8x.

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