Fitch: Rank outlook negative

Fitch Ratings said it changed Rank Group plc's outlook to negative from stable and affirmed Rank's ratings at senior unsecured BB+ and short-term B following Friday's announcement of its plan to separate both Deluxe Film and Deluxe Media from the rest of this U.K. leisure group.

The negative outlook also reflects the recent deterioration in the operating performance of Rank's gaming casino and the continued weakening performance of its bingo operations in the first half of 2004. Also of concern are the uncertainties about the timing of the expected U.K. gaming deregulation as well as its impact on the competitive landscape.

In Fitch's view, the intended separation of Deluxe does not significantly worsen the business risk profile of the group.

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