Fitch affirms Reed Elsevier

Fitch Ratings said it affirmed Reed Elsevier plc's and Reed Elsevier NV's long-term issuer default ratings at A- and short-term issuer default ratings at F2.

The outlook on the long-term issuer default ratings is stable.

The affirmations reflect Reed's strong cash flow generating ability, sound balance sheet and its consistent and conservative financial policies, the agency said.

Fitch said it expects the company to aim for the lower end of its targeted 2 times to 3 times leverage range, using net debt to EBITDA on a pensions and lease adjusted basis. This ratio was 2.4x at the end of June and 2.5x at the end of December 2010.

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