Moody's ups Veolia to stable

Moody's Investors Service said it changed to stable from negative the outlook on the A3 senior unsecured ratings of Veolia Environnement SA.

The outlook revision follows the group's solid operating performance in 2010, which saw operating cash flow recoveries, Moody's said.

The stable outlook takes into account firmer underlying economic conditions and the prospect of continued modest operating cash flow growth for the group overall, the agency said.

The stable view also considers management's intent to continue its focus on organic growth and generation of free cash flow after dividend payments, Moody's said, and therefore assumes that the group's leverage profile should continue to improve.

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