Fitch affirms WH Smith

Fitch Ratings said it affirmed UK-based WH Smith plc's ratings at senior unsecured BB- and short-term B. The outlook remains stable.

Fitch said the ratings reflect WH Smith's relatively high leverage, increasingly competitive markets in the core UK retail business, the seasonality of this business and the execution risk involved in the turnaround strategy for its UK retail business.

On the other hand, Fitch said WH Smith's strong brand recognition in the UK market, its location at prime retail sites, its considerable market positions in book, newspaper, magazine and stationery retail as well as its UK number one market position in news distribution continue to support the rating.

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