The ratings on France-based conglomerate Bouygues S.A. reflect Standard & Poor's Ratings Services' view of the group's "satisfactory" business risk profile and "intermediate" financial risk profile, as our criteria define these terms. Bouygues' business risk profile is underpinned by solid market positions and its extensive business diversity, which translates into consistent and healthy generation of free cash flows. These factors are tempered by Bouygues' exposure to cyclical markets in its construction, property development, and media divisions; thin margins and contract risks in construction activities; and increasingly fierce competition and ongoing regulatory pressure in the telecommunications sector, which recently led us to revise our business risk profile assessment to "satisfactory" from "strong." The "intermediate" financial risk profile is supported by Bouygues'...
Companies mentioned in this report are:
- Bouygues S.A.
- Television Francaise 1 S.A.
- Alstom S.A.
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