Fitch: Vivendi unchanged

Fitch Ratings said that a possible acquisition by Vivendi SA of the 44% of the French telecoms operator, Societe Francaise du Radiotelephone SA and the 20% of Canal Plus France that it does not already own is unlikely to have an impact on the company's ratings.

However, Fitch does not have information to indicate that such transactions would happen.

Vivendi has a long-term issuer default rating and a senior unsecured rating of BBB.

The outlook on the long-term issuer default rating is stable.

Societe Francaise has an issuer default rating of BBB+ with a stable outlook, a short-term issuer default rating of F2 and a senior unsecured rating of BBB+.

There has been considerable press speculation over the possibility of Vivendi buying the minorities of its French operations and future outcomes still remain uncertain, said Damien Chew, a Fitch analyst.

However, Vivendi's current ratings already factor in a certain amount of acquisition risk and, under certain conditions, the company should have enough financial headroom to make those acquisitions, the agency said.

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