|
|
 |
|
Viewing report
|
|
|
|
Bouygues S.A. Jul 11
Standard & Poors, July 2011
Abstract
Broad business and market diversity. Strong market positions in most businesses. 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. The ratings on France-based conglomerate Bouygues S.A. reflect the group's strong business risk profile, underpinned by solid market positions and, a key support to our business risk profile assessment, its extensive business diversity, which translates into consistent and healthy generation of free cash flows. It also reflects our assessment of a modest financial risk profile and conservative financial policy. Tempering these strengths are Bouygues' exposure to cyclical markets in its construction, property development, and media...
Companies mentioned in this report are: Bouygues S.A.,Cofiroute,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
|
|
|
|
