S&P: Vivendi unaffected

Standard & Poor's said that its ratings and outlook on Vivendi SA (BBB/stable/A-2) are unaffected by management's decision to cancel a €1 billion-€2 billion rights issue, which the company announced in December 2007, when it was planning several acquisitions.

The cancellation of the rights issue follows Vivendi's acquisition of Activision Blizzard at a lower-than-expected ownership percentage of 54%, resulting in a lower cash outflow, the agency said.

In addition, S&P noted that the solid operating performance of its key divisions and of recently acquired fixed-line operator NeufCegetel and of Activision, have kept Vivendi's pro forma leverage within rating parameters.

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