Fitch revises Urenco outlook to stable

Fitch Ratings said it revised Urenco Ltd.’s outlook to stable from negative and affirmed its long-term issuer default rating at A- and short-term issuer default rating at F2.

Urenco Finance NV's euro medium-term note program and the senior unsecured notes under it were affirmed at A-.

Fitch said the outlook revision reflects a substantial reduction in dividends compared with the previous business plan. The 2013 results were better than expected, with both credit metrics, funds from operations fixed-charge cover of 7.6 times and funds from operations adjusted net leverage of 2.9 times well within Fitch's guidelines.

Although volume risk has increased with further delay to restarts in Japan, Urenco's geographical diversification limits the impact, the agency said.

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