Moody's upgrades Editis to Ba3

Moody's Investors Service said it upgraded to Ba3 from B1 the corporate family rating of Editis Holding SA. This corporate family rating has been re-assigned from Odyssee 1 SAS.

The outlook is stable.

The agency said the upgrade reflects the company's improved operating efficiency; its substantial deleveraging, with leverage down to 4.8 times on a debt to EBITDA basis from 5.2 times in 2005; and the successful integration of recent acquisitions such as publishers Cherche Midi, First and XO.

The Ba3 corporate family rating also reflects the likelihood that the company could consider larger acquisitions in the fragmented French publishing market in the medium term, the relatively high level of seasonality in Editis' business and some concern that the company might have to step up its so far limited investment in electronic product development over time, Moody's said.

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