Moody's affirms Vivendi

Moody's Investors Service said it affirmed Vivendi SA's senior unsecured debt ratings at Baa2.

The outlook is stable.

The ratings affirmation follows the announcement by Vivendi and its wholly owned subsidiary Universal Music Group that a definitive agreement has been signed with Bertelsmann AG for the purchase of the BMG Music Publishing Group for total consideration of €1.63 billion.

Moody's said the transaction will create the world's largest music publishing business. Vivendi's acquisition of BMG Publishing remains subject to regulatory approvals. The acquisition is in line with Vivendi's stated strategy to make targeted add-on acquisitions and makes good strategic sense in Moody's opinion, underpinning Vivendi's position in the more stable (relative to the recorded music business) section of the overall music business.

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