Fitch cuts Vivendi view to stable

Fitch Ratings said it changed Vivendi SA's outlook to stable from positive and affirmed its long-term issuer default and senior unsecured ratings at BBB.

Vivendi continues to improve with the TPS merger and acquisition of BMG music publishing adding further strength to an already strong position, Fitch said.

However, over the last year shareholder pressures have been building and its interest in the auction of Pages Jaunes shows the group is willing to consider large acquisitions if they satisfy its investment criteria. Combined with an unwillingness to commit to a leverage target this limits the group's rating, the agency said.

The group's rating continues to reflect the strong, stable operating cash flows generated by its portfolio of market-leading media businesses, Fitch added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.