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BULLETIN: Bouygues Buyback of E.ON Stake Leaves Ratings, Outlook Unchanged Oct 03
Standard & Poors, Oct 2003
Abstract
PARIS (Standard & Poor's) Oct. 27, 2003--Standard & Poor's Ratings Services said today that its ratings and outlook on France-based Bouygues S.A. (A-/Stable/A-2) remain unchanged following the group's announcement that it had reached an agreement with E.ON AG (AA-/Negative/A-1+) to buy out the latter's remaining interests in Bouygues Telecom for about -600 million. The acquisition follows Bouygues' recent disposal of its U.K.-based water activities, related proceeds from which will almost entirely offset the cost of the E.ON deal. Standard & Poor's anticipates that Bouygues' financial measures will be only slightly affected by the two transactions and will remain conservative. For full-year 2003, Bouygues is expected to comfortably exceed a funds from operations-to-net debt ratio of 45%, which is the minimum...
Companies mentioned in this report are: Bouygues 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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