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BULLETIN: French Group Vinci S.A. Announces 14.4% Stake in Autoroutes du Sud de la France Apr 02
Standard & Poors, April 2002
Abstract
Standard & Poor's said today that the ratings and outlook on French construction group Vinci S.A. (BBB+/Stable/A-2) remain unchanged following the announcement that the group has a 14.4% stake in French toll-road operator Autoroutes du Sud de la France S.A. (AA-/Stable/A-1+). This acquisition has significantly reduced Vinci's financial flexibility at the current rating level, however. Consequently, any further developments in the group's acquisition policy will be closely monitored: Standard & Poor's expects that funds from operations to debt (adjusted for excess liquidity) will continue to average 45%. The acquisition is in line with the group's expansion strategy in concessions, which complement the group's construction activities by providing a more regular source of income that is not affected by construction industry...
Companies mentioned in this report are: VINCI S.A.,Autoroutes du Sud de la France S.A.
Action: S&P Event
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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