Reed Elsevier, the Anglo-Dutch publishing company that is preparing a $1bn (€1.1bn) bond issue to refinance the acquisition of Harcourt General, will not put its credit ratings at risk to fund another acquisition.

The company is interested in acquiring other international businesses that would boost shareholder value, and has already been linked to the sale of French media group Vivendi Universal's professional publishing business. Spokespeople from both companies declined to comment on the possible sale.