Fitch downgrades Wolters Kluwer

Fitch Ratings said it affirmed Wolters Kluwer's long-term issuer default and senior unsecured ratings at BBB+, along with its short-term issuer default rating at F2. The group's subordinated notes are downgraded to BBB- from BBB in line with the new rating guidelines on hybrid securities.

The outlook is negative.

The ratings continue to reflect the company's solid positions in each of its businesses, Fitch said.

They also reflect the gradual migration of the business model over the past six years away from print to online/workflow solutions, which has had a positive effect on earnings visibility and stability, customer retention and margins, the agency said.

The ratings also take into account the company's proactive approach to managing the cost base early in the downturn with savings targets upgraded for the third time since February 2008, Fitch added.

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