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

“The outlook revision reflects S&P's view that the strategic benefits of Wolters Kluwer's recent acquisitions are overshadowed by the steady increase in leverage, in the backdrop of a tough economic environment. Notwithstanding WK's strong market positions and good cash flow generation, the group's deleveraging plans in 2009 could be hindered by the intensity and widespread nature of this downturn.

Despite the benefits from cost-saving programs and recent acquisitions, S&P believes the risks that Wolters Kluwer's credit measures may not return to levels commensurate with a 'BBB+' rating level in the medium term have meaningfully increased. If Wolters Kluwer were to achieve a marked upturn in operating cash flow generation in tandem with a more conservative balance sheet and an improvement in credit metrics, S&P could envisage an outlook revision to stable."