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Summary: Vinci S.A. Dec 02

  • ID: 2043076
  • December 2002
  • Standard & Poors

The ratings reflect Vinci S.A.'s leading positions in the European construction industry, its prudent risk policy, the stability afforded by its concession activities, and a moderate financial profile. The ratings are constrained, however, by the construction industry's very competitive, cyclical nature and inherently modest margins, as well as by Vinci's limited geographical diversification outside France. With revenues of -12.9 billion in the first nine months of 2002, Vinci operates in four sectors: building and civil engineering, road works, electrical and thermal engineering, and concessions (including toll highways, car parks, and airports) and related services. Building and civil engineering is inherently riskier and more exposed to cyclicality than road works and electrical engineering, which benefit from the recurrence of maintenance activities...

Companies mentioned in this report are: VINCI S.A.
Action: Review

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