Summary: Bouygues S.A. Jan 04
Standard & Poors, January 2004
Abstract
The ratings reflect Bouygues S.A.'s strongly diversified business profile and conservative financial profile. The ratings are somewhat constrained, however, by Bouygues' exposure to the low-margin construction segment and the challenging--albeit now very profitable--mobile-telephone market. The ratings also acknowledge the high quality of the group's management, which has shown foresight, notably in managing the risks inherent to telecommunications activities. With estimated sales of about -22 billion in 2003, Bouygues operates in very diversified sectors, such as construction, roads, real estate, environmental services, television, and telecommunications. The building, media, and telecoms industries have different business dynamics, and this element provides a strong degree of protection to the group's cash flow. Swings in free cash flow could occur from the construction business, however,...
Companies mentioned in this report are: Bouygues S.A.
Action: Review
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Bouygues S.A.
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