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Bouygues S.A. Jun 08
Standard & Poors, June 2008
Abstract
Broad business and market diversity Strong market positions in most businesses Resilient maintenance-related earnings in road activities Conservative financial policy and solid financial profile Experienced and skilled management Intense competitive, regulatory, and technological pressures in telecoms Low margins and contracts risks in construction Cyclicality in media, construction, and real estate businesses Lack of control over TF1's cash flow The ratings on France-based conglomerate Bouygues S.A. reflect the group's consistent free cash flow generation, underpinned by solid market positions, extensive business diversity, and a modest financial risk profile. Tempering these strengths are Bouygues' slightly challenging No. 3 position in the French mobile telephone market, and exposure to low-margin and cyclical construction activities. The positive rating impact of Bouygues' high-quality and experienced...
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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