S&P affirms Veolia, stable

S&P affirmed the BBB long-term issuer credit rating on Veolia Environnement SA.

The outlook is stable.

“The stable outlook reflects our expectation that Veolia will be able to counter operational challenges following the Covid-19 pandemic and expected consequent recession in Europe (61% of 2019 EBITDA), maintaining S&P Global Ratings-adjusted funds from operations to debt above 20% over 2020-2023,” S&P said.

The company “currently has some rating headroom and we believe remedy measures, such as a capital expenditure (capex) reduction, could mitigate the negative effects, and we note its new 2020-2023 strategic plan with a focus on continuous organic growth, primarily in hazardous waste where it is a global leader,” S&P also noted.

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