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BULLETIN: Bouygues S.A. Plans ?500M Buyout Of Unit Stake From BNP Paribas; Ratings Unaffected Jun 05
Standard & Poors, June 2005
Abstract
NEW YORK (Standard & Poor's) June 23, 2005--Standard & Poor's Ratings Services said today that its ratings on France-based conglomerate Bouygues S.A. (A-/Stable/A-2) remain unchanged after the announcement by the company of an optional buyout agreement. The company agreed to buy out the 6.5% stake in its 83% subsidiary, Bouygues Telecom S.A., from BNP Paribas (AA/Stable/A-1+) by July 2007 at the option of the seller, or in September 2007 at the option of Bouygues. The roughly -500 million deal will weaken Bouygues' credit metrics, but the latter are still expected to be well within acceptable guidelines for the ratings, including a ratio of funds from operations to net debt of more than 45%....
Companies mentioned in this report are: Bouygues S.A.,BNP Paribas
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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