30 January 2001
Following completion of its recent merger with TI Group, Smiths Group plc (formerly Smiths Industries) announced today that its single A minus rating has been affirmed by Standard & Poors, the credit ratings agency.
During the merger process, the agency had placed the company and its unsecured debt on its CreditWatch list, a normal practice in these circumstances. Stating that the outlook for Smiths Group was now stable, Standard & Poors cited the companys strong niche market positions, sustainable free cash-flow generation and conservative financial profile among the reasons for affirming the single A minus status. The rating assumes the automotive unit will not be retained.
Alan Thomson, Smiths Financial Director commented: The S & P rating is a valuable confirmation that the enlarged company has an attractive risk profile. With operating margins in the high teens and cash conversion at 80% of profits, we continue to generate the financial resources to keep the company on a secure growth path.
ENDS
General media enquiries
Contact our global media and communications team at:
Please note – the press team can only answer enquiries from accredited members of the press.
Related articles
Smiths appoints new independent Non-executive Directors
Read our latest company news as the Board of Smiths is pleased to announce the appointments of Val Rahmani and Emma FitzGerald as independent Non-executive Directors.
Find out more
Smiths completes landmark £760m pension scheme buy-in
Read the latest company news as Smiths Industries Pension Scheme has completed a £760 million buy-in transaction with M&G.
Find out more
Completion of Smiths Detection sale
Read the latest company news as Smiths completes the sale of its Detection business.
Find out more
