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Credit Ratings


Long Term

Short Term


Moody’s 12 Sep 2013




Standard & Poor's 7 March 2013





Quote from Moody's press release

“Moody's Investors Service said today, 12 September 2013, that it has today changed to stable from negative the outlook on Wolters Kluwer N.V.'s (Wolters Kluwer) ratings and affirmed Wolters Kluwer's Baa1 senior unsecured ratings. The stabilisation of the rating outlook reflects Moody's expectation that Wolters Kluwer will remain financially disciplined amid a continued muted organic revenue growth trend. Wolters Kluwer remains on track to achieve debt protection measurements within the parameters defined for the Baa1 rating category by the end of 2013,"

says Gunjan Dixit, a Moody's Assistant Vice President -- Analyst and lead analyst for Wolters Kluwer. 

"Since the appointment of Mr. Kevin Entricken as the new chief financial officer in May 2013, Wolters Kluwer's financial policy has remained intact. The company's target net-debt/EBITDA ratio remains at 2.5x, and it expects its leverage ratio to reach or be better than its target by year-end 2013," adds Ms. Dixit. Wolters Kluwer's Baa1 senior long-term debt rating reflects its strong global market positions, underpinned by defensive subscription-based and other non-cyclical revenues, which accounted for around 74% of total sales in 2012 as well as the company's continuing ability to deliver healthy free cash flows (after dividends). It further reflects Wolters Kluwer's track record of delivering satisfactorily on its business strategy objectives.“

Quote from Standard & Poor's press release

“The Netherlands-based professional publishing and information solutions group Wolters Kluwer N.V. achieved satisfactory operating results, good cash conversion, and a disciplined financial policy in 2012, resulting in a strong improvement in credit protection measures.

We are revising our outlook on Wolters Kluwer to stable from negative, and affirming our 'BBB+/A-2' ratings on the group.

The stable outlook reflects our view that Wolters Kluwer's steady operating performance and strong free operating cash flow should enable the group to post credit metrics commensurate with the current ratings over the next 18-24 months.”