Fitch: Veolia view negative

Fitch Ratings said it revised the outlook on Veolia Environnement SA's long-term issuer default rating to negative from stable and affirmed the rating at A-, its senior rating at A- and its short-term issuer default rating at F2.

The agency said the negative outlook reflects a deterioration in Veolia's forecasted leverage following the company's second downward revision of 2011 adjusted operating cash flow as well as pressure on EBITDAR generation in the short to medium term given weaker than expected earning dynamics, persistent challenging commercial conditions in the energy division and a deceleration in growth during the third quarter in the waste division.

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