Moody's cuts Wolters Kluwer outlook to negative

Moody's Investors Service said it changed the outlook on Wolters Kluwer NV's Baa1 senior unsecured rating to negative from stable.

The negative outlook reflects an expectation that a combination of discretionary cash outflows for acquisitions and shareholder remuneration and limited growth prospects over the near term could weaken debt protection metrics in 2011 and beyond, Moody's said.

Given Wolters Kluwer's ongoing appetite for add-on acquisitions and the continuation of the share buy-back program, Moody's said it believes that debt protection measurement for 2011 might weaken and be out of line with the Baa1 rating category, the agency said.

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