Fitch affirms Vivendi

Fitch Ratings said it affirmed Vivendi SA's long-term issuer default rating and senior unsecured rating at BBB.

The outlook is stable.

The affirmation reflects the scale and diversity of Vivendi's business units, the agency said. The company's focus on subscription-based business models has helped it weather the economic downturn. Fitch said Vivendi continues to look for acquisitions to support its growth strategy and has sufficient financial flexibility to add to and manage its portfolio of assets.

Vivendi's willingness to consider large acquisitions, despite its disciplined financial approach to potential transactions, is likely to constrain the rating to the group's stated BBB rating target, the agency said.

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