TEXT-S&P summary: Rentokil Initial PLC

Fri Sep 28, 2012 6:28am EDT

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Sept 28 -


Summary analysis -- Rentokil Initial PLC -------------------------- 28-Sep-2012


CREDIT RATING: BBB-/Stable/-- Country: United Kingdom

Primary SIC: Business

services, nec


Credit Rating History:

Local currency Foreign currency

25-Jul-2008 BBB-/-- BBB-/--

03-Nov-2005 BBB/-- BBB/--



The ratings on U.K.-based business services provider Rentokil Initial PLC are supported by Standard & Poor's Ratings Services' view of the group's position as a major player in the business services industry, with good product and customer diversity and fairly high operating margins. These positive factors are tempered by weak performance in specific parts of Rentokil Initial's business in recent years, the fragmented and competitive nature of the business services industry, and the group's weak credit measures for the ratings, including falling Standard & Poor's-adjusted discretionary cash flows. On June 30, 2012, Rentokil Initial had total adjusted debt of around GBP1.2 billion.

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