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
Completion of DRC Heat Transfer acquisition
Read the latest news as Smiths completes the purchase of DRC Heat Transfer
Find out more
Completion of Smiths Interconnect sale
Read the latest company news as Smiths completes the sale of its Interconnect business.
Find out more
Smiths supports historic Artemis II space mission
Read our latest press release as Smiths proudly supports NASA’s Artemis II space mission taking four astronauts around the Moon
Find out more
