S&P puts Rank Group on watch

Standard & Poor's said it placed its BBB- long-term and A-3 short-term corporate credit ratings on The Rank Group plc on Credit Watch with negative implications.

The Credit Watch placement reflects The Rank Group's continued intention to sell its Deluxe film processing and media unit, S&P said.

It follows weak first-half 2005 results, a situation which increases the probability of a more aggressive financial profile if Deluxe is sold, S&P said.

If Rank is successful in selling Deluxe, continues as primarily a U.K.-based gaming business and decides to return significant funds to shareholders, any downgrade would likely be by more than one notch, S&P said.

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