Research Update: Vinci S.A. Affirmed At 'BBB+/A-2', Off Watch Neg Given Rights Issue Safeguards; Outlook Stable Mar 06
Standard & Poors, March 2006
Abstract
On March 30, 2006, Standard & Poor's Ratings Services affirmed its 'BBB+' long-term and 'A-2' short-term corporate credit ratings on France-based construction and concession group Vinci S.A. The 'BBB+' long-term ratings were removed from CreditWatch with negative implications, where they were placed on Aug. 25, 2005. The outlook is stable. The ratings on Vinci S.A. reflect its strong market positions in a wide variety of construction and concession activities, its prudent risk policy, and a meaningful EBITDA contribution from resilient and profitable concession businesses. These strengths are mitigated by the capital intensive nature of the concessions business and consequent high leverage, the cyclical and low-margin nature of the construction industry, and Vinci's acquisitive strategy. Vinci announced on March 28, 2006,...
Companies mentioned in this report are:
- VINCI S.A.
- Cofiroute
- Autoroutes du Sud de la France S.A.
Action: Affirmed
Action: Outlook: Stable
Action: Removed From CreditWatch
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- VINCI S.A.
- Cofiroute
- Autoroutes du Sud de la France S.A.
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