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Bouygues S.A. Jun 09
Standard & Poors, June 2009
Abstract
Broad business and market diversity Strong market positions in most businesses Resilient maintenance-related earnings in road activities Conservative financial policy Experienced and skilled management Business cyclicality in media, construction, and real estate sectors Low margins and contract risks in construction Intense competitive, regulatory, and technological pressures in telecoms The ratings on France-based conglomerate Bouygues S.A. reflect the group's healthy free cash flow generation, underpinned by solid market positions, extensive business diversity, and a modest financial risk profile. The group's participation in diverse, and uncorrelated, activities is a key strength in our business profile assessment. Tempering these strengths are Bouygues' exposure to cyclical markets in its construction, property development, and media divisions; thin margins and contracts risks in construction activities; and...
Companies mentioned in this report are: Bouygues S.A.,Bouygues Telecom S.A.,Television Francaise 1 S.A.,Alstom S.A.
Action: Review
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: Full Analysis
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