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Bouygues S.A. Jul 10
Standard & Poors, July 2010
Abstract
Broad business and market diversity. Strong market positions in most businesses. Resilient maintenance-related earnings in road activities and solid cash generation in telecoms. Conservative financial policy, supported by asset richness. Experienced and skilled management. Demand cyclicality in media, construction, and real estate sectors. Low margins and contract risks in construction. Competitive, regulatory, and technological pressures in telecoms. Higher dividend payments over the past two years compared with historical levels. The ratings on France-based conglomerate Bouygues S.A. reflect the group's healthy free cash flow generation, underpinned by solid market positions and extensive business diversity; and the group's modest financial risk profile. Bouygues' participation in diverse activities is a support in Standard & Poor's Ratings Services' business risk profile assessment. Tempering these...
Companies mentioned in this report are: Bouygues S.A.,Television Francaise 1 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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