Moody’s upgrades Vinci

Moody’s Investors Service said it upgraded the long-term senior unsecured debt and issuer ratings of Vinci SA to A3 from Baa1.

The agency also said it upgraded the rating on Vinci’s €6 billion euro medium-term note program to provisional A3 from provisional Baa1, along with its short-term issuer and commercial-paper rating to P-1 from P-2.

The outlook is stable.

The upgrades reflect Vinci’s strengthening business and financial risk profile on the back of an increasing contribution and supportive performance of its concessions division, which more than offset the pressures experienced in the contracting segment, Moody’s said.

While the company is expected to continue to pursue acquisition opportunities, the agency said it takes comfort from the financial discipline that Vinci has historically demonstrated.

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