Moody's raises IKON

Moody's Investors Service said it raised the ratings of IKON Office Solutions to A3 from Ba2 following the completion of its acquisition by Ricoh Co. Ltd (A1 senior unsecured rating with a negative outlook) for about $1.6 billion.

The outlook on IKON is negative, reflective of Ricoh's outlook.

On Oct. 31, Ricoh announced that it completed its $1.6 billion acquisition of IKON Office Solutions, Inc. and IKON is now a wholly owned subsidiary of Ricoh Co. Ltd., the agency said

While Ricoh does not guarantee IKON's debt, Moody's said it believes that IKON's strategic importance to Ricoh's distribution capabilities provides a strong likelihood of support by Ricoh.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.