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Bouygues S.A. Sep 01
Standard & Poors, Sep 2001
Abstract
The ratings on Bouygues S.A. reflect the group's strongly diversified business profile and conservative financial profile. Ratings are constrained, however, by the group's exposure to the challenging mobile phone market. With annual sales of -19 billion ($17 billion) in 2000, Bouygues operates in very diversified sectors such as construction, roads, real estate, environmental services, television, and telecommunications. The group is therefore involved in the building, media, and telecoms industries, which have different business dynamics, thereby providing a strong degree of protection to cash flows. Swings in free cash flows could, however, stem from the construction business, which is by nature exposed to cyclicality, and the telecoms business, which may suddenly require huge capital expenditure to meet new technological requirements. By...
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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