Summary: Bouygues S.A. Jul 11

Standard & Poors, July 2011

Abstract
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 divisions; thin margins and contract risks in construction activities; and intense competitive and regulatory pressure in telecommunications. The positive rating impact of Bouygues' high-quality and experienced management team is offset by the group's entrepreneurship-driven investment strategy and acceptance of risks associated with occasional investments in...

Companies mentioned in this report are: Bouygues S.A.,Cofiroute
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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Bouygues S.A.,Cofiroute

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