Fitch affirms Vivendi at BBB

Fitch Ratings said it affirmed Vivendi SA's BBB issuer default rating with a positive outlook. The group's BBB senior unsecured rating was also affirmed.

The agency said Vivendi's ratings continue to reflect its position as a large diversified multinational group with strong media and telecoms businesses across a number of different geographies and its conservative attitude to financial leverage.

The positive outlook reflects Fitch's expectation of improving performance in the group's media businesses, generating continued improvements in EBITDA and free cash flow, combined with continued solid performance from its telecoms assets.

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