Fitch affirms Vivendi

Fitch Ratings said it affirmed Vivendi SA's long-term issuer default rating at BBB, following its announcement of the merger of its Games division with Activision, Inc. to form Activision Blizzard.

The outlook for the long-term issuer default rating remains stable and the group's senior unsecured rating is affirmed at BBB, Fitch added.

"This acquisition will give Vivendi real-scale in what is still one of the fastest growing media markets," said Alex Griffiths, Director in Fitch's TMT group in London.

"The transaction combines Vivendi's strength in online gaming with Activision's powerful franchises in the console market. This presence across the landscape and Activision-Blizzard's sheer size, should mitigate some of the cyclicality that remains a feature of these businesses."

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