Research Update: Telecom And Media Group Vivendi 'BBB/A-2' Ratings Affirmed; Outlook Negative Oct 12
- Language: English
- Published: October 2012
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.
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Research Type: Full Analysis
- Vivendi S.A.