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BULLETIN: Ratings and Outlook on Bouygues S.A. Unchanged on Announced Dividend Transaction Jul 04
Standard & Poors, July 2004
Abstract
PARIS (Standard & Poor's) July 23, 2004--Standard & Poor's Ratings Services said today that, following an announcement by France-based conglomerate Bouygues S.A. (A-/Stable/A-2) that it will serve an extra dividend to its shareholders in 2005 for a consideration of approximately -1.67 billion, its ratings and outlook on the group remain unchanged. The transaction will increase Bouygues' net indebtedness, but financial measures for full-year 2005 should continue to remain commensurate with the minimum levels required for the current ratings: funds from operations-to-fully adjusted net debt above 45% and EBITDA net interest coverage exceeding 8.5x. Headroom for debt-financed acquisitions is now more limited at the current ratings level, but a further buy-out of Bouygues Telecom's minority interest is unlikely and the decision...
Companies mentioned in this report are: Bouygues S.A.
Action: Bulletin
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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