S&P: Rank view to stable

Standard & Poor's said it revised the outlook on the Rank Group plc to stable from negative and affirmed its long-term corporate credit rating at B+ and senior unsecured debt ratings at B.

The outlook revision reflects Rank's progress in deleveraging, such that lease-adjusted net debt-to-EBITDA fell to 4.6x in 2009 from 5.0x in 2008, S&P said.

Nonetheless, its substantial portfolio of operating leases makes it likely that the group will retain a relatively aggressive capital structure, the agency said.

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