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Bulletin: France-Based VINCI S.A. Ratings Unchanged After Recent Acquisitions Jun 07
Standard & Poors, June 2007
PARIS (Standard & Poor's) June 4, 2007--Standard & Poor's Ratings Services said today that the ratings on French concession and construction group VINCI S.A. (BBB+/Negative/A-2) remain unchanged after the group's May 31, 2007, announcement that it will acquire Entrepose Contracting, an oil and gas engineering and construction company. This deal closely follows the purchase of nuclear decommissioning specialist Nukem Ltd. Following these acquisitions, VINCI's credit ratios will weaken slightly in 2007 versus 2006, despite an expected strong 2007 operating performance. We still expect the company to strengthen adjusted funds from operations (FFO) to net debt to close to 20% and adjusted FFO to net interest to a minimum 5.0x in 2010, from 15% and about 4.5x in 2007. We will...
Companies mentioned in this report are: VINCI S.A.
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