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Moody's affirms Reed Elsevier
Moody's Investors Service said it affirmed the Baa1 senior unsecured rating of Reed Elsevier, which includes Reed Elsevier plc and Reed Elsevier NV.
The outlook remains negative.
The affirmation follows Reed Elsevier's half-year results announcement and the company's placement of £824 million in new equity, the proceeds of which are being used to pay down the $1 billion outstanding under its $4 billion acquisition facility due April 2010. The agency said it views the placement as a significant step toward maintaining the company's Baa1 rating, which had come under pressure following the debt-funded acquisition of Choice Point in September 2008.
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