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BULLETIN: Bouygues S.A. Ratings Unchanged By Acquisition Of Stake In Alstom Apr 06
Standard & Poors, April 2006
Abstract
PARIS (Standard & Poor's) April 27, 2006--Standard & Poor's Ratings Services said today that its ratings on France-based conglomerate Bouygues S.A. (A-/Stable/A-2) remain unchanged after the company's announcement of debt-financed investments worth about -2.2 billion, to acquire a 21% stake in the capital of Alstom (not rated), as well as contribute equity to a joint venture to be set up with Alstom. The magnitude of the investment is within the scope of the 'A-/A-2' ratings, and is not expected to bring the ratio of funds from operations (FFO) to pension- and lease-adjusted net debt down to less than the acceptable 45% level, from the 73% achieved by the group over fiscal 2005. In addition, Alstom's weaker credit risk profile should...
Companies mentioned in this report are: Bouygues S.A.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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