Vivendi S.A. Dec 11

  • ID: 2034243
  • December 2011
  • Standard & Poors
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Solid positions, profitability, and cash flow of its key telecom assets. Broad business and geographic diversity. Media assets' good business positions within more difficult markets. Frequent and mainly debt-funded mergers and acquisitions. Only partial ownership of some of its divisions, with subsequent dividend leakage, dependence on co-shareholders, and significant financial complexity. Exposure to various country, regulatory, currency, and governance risks, given the group's wide geographic and business spectrum. The ratings on France-based diversified telecommunications and media group Vivendi S.A. reflect Standard & Poor's Ratings Services' view of the group's "satisfactory" business risk profile and "intermediate" financial risk profile. In our view, the group's business risk profile is underpinned by the solid market positions across its business portfolio, sound cash flow...

Companies mentioned in this report are:
- Vivendi S.A.

Action: Review

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: Full Analysis

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- Vivendi S.A.

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