Quote from Moody's press release

“Moody's Investors Service today, 2 August 2007, changed the rating outlook for Wolters Kluwer NV (sr. unsecured ratings at Baa1) to stable. The outlook change is based on Moody's expectation that Wolters Kluwer will deliver an operational performance overall in line with current guidance, including organic revenue growth of ~4% in total, aggregating growth from all continuing business divisions and margin improvement in 2007 to 19-20% (on an Ordinary EBITA basis as measured by Wolters Kluwer). The outlook change also factors in Moody's assumption that Wolters Kluwer can remain on a positive operating trajectory with continued visible organic growth and commensurate profit and margin development.”

Quote from Standard & Poor's press release

“S&P is revising the outlook on Wolters Kluwer to stable from negative, and affirming the 'BBB+/A-2' corporate credit ratings. Wolters Kluwer N.V. achieved satisfactory operating results and good cash conversion in financial 2009, resulting in stronger credit protection measures. The stable outlook reflects S&P’s view that the group will continue to restrain its financial policy, deleverage further, and improve financial headroom in 2010.

The ratings on Wolters Kluwer reflect S&P’s view of the group's strong portfolio of publishing activities as well as its information tools and solutions that cater to professionals in the legal, tax, regulatory, accounting, financial services, and health care sectors. The ratings are also supported by the group's revenue profile: with two-thirds of revenues from recurring subscriptions often paid in advance, Wolters Kluwer has negligible exposure to advertising, and a high share of revenues from online and workflow tools.”