23.12.2013 19:27:00
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Service Corporation International -- Moody's: Service Corp. Int'l. completes $1.4 billion Stewart acquisition, but large required divestitures is a negative credit development
New York, December 23, 2013 -- Moody's Investors Service says that Service Corporation, International, Inc. ("SCI", Ba3 stable) will acquire only 75% of Stewart Enterprises, Inc. ("Stewart") assets, pro forma for asset sales required by regulators to complete the acquisition, a negative credit development because the larger than anticipated reduction of profits and cash flow is not paired with a proportionate reduction in debt.