Moody’s changes Vivendi view to negative

Moody’s Investors Service said it changed to negative from stable the outlook on Vivendi SA. Concurrently, the agency affirmed the company’s Baa2 senior unsecured ratings.

The rating action follows Vivendi’s Saturday announcement it is considering a distribution of 60% of Universal Music Group’s share capital to Vivendi’s shareholders and its listing before the end of 2021.

“We have changed the outlook to negative to reflect the weakening of Vivendi’s business profile as it is spinning off its most valuable asset, while its gross leverage will be high for the rating in 2021 and 2022,” said Agustin Alberti, a Moody’s vice president, senior analyst and lead analyst for Vivendi, in a press release.

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