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Summary: Bouygues S.A. Jul 11
Standard & Poors, July 2011
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
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