From: Docusultant Sent: 7/29/2002 3:25 PM
Monday July 29, 10:18 am Eastern Time
Press Release
SOURCE: IKON Office Solutions
Standard and Poor's Upgrades Outlook On IKON
VALLEY FORGE, Pa.--(BUSINESS WIRE)--July 29, 2002--IKON Office Solutions (NYSE:IKN - News) announced today that Standard & Poor's (S & P) has affirmed its BBB- ratings and revised its outlook on IKON and its related entities from negative to stable.
"We are pleased with our improved outlook from S & P. This is another positive step for IKON as we continue to implement revenue, operational, and financing strategies that bring enhanced value to the organization and to our shareholders," said James J. Forese, Chairman and CEO of IKON. "With a debt to capital ratio of 29% at the end of June 2002, conservatively leveraged captive leasing operations, and an infrastructure that continues to benefit from ongoing investments in centralization and standardized processes, IKON is clearly a stronger company today."
IKON Office Solutions (www.ikon.com) is one of the world's leading providers of products and services that help businesses communicate. IKON provides customers with total business solutions for every office, production and outsourcing need, including copiers and printers, color solutions, distributed printing, facilities management, imaging and legal document solutions, as well as network design and consulting, and e-business development. IOS Capital, LLC, a wholly-owned subsidiary of IKON, provides lease financing to customers and is one of the largest captive finance companies in North America. With Fiscal 2001 revenues of $5.3 billion, IKON has approximately 600 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland and Denmark.
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