Fitch rates Wolters Kluwer BBB

Fitch Ratings said it assigned Wolters Kluwer NV a BBB senior unsecured rating and affirmed the F2 short-term rating assigned to the company Jan. 12. The outlook is positive.

Wolters remains in the early stages of a three-year restructuring program, which commenced in October 2003.

Fitch said it believes the company is likely to benefit to some extent from the gradual upturn in the economic cycle as well as the restructuring program. Fitch notes that the company has affirmed that acquisitions remain part of its strategy, but also that they are likely to be limited in size.

The company continues to benefit from strong liquidity having replaced its $600 million credit facility maturing in 2005 with a €750 million multi-currency credit facility in July, Fitch said. The facility is to be used for general corporate purposes including acquisitions.

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