Moody's affirms Vivendi

Moody's Investors Service said it affirmed Vivendi SA's senior debt rating at Baa2 with a stable outlook following the announcement that Vivendi and Vodafone have signed an agreement for Vivendi to acquire Vodafone's 44% stake in SFR for a total of €7.95 billion, taking Vivendi's ownership of SFR to 100%.

The ratings and stable outlook reflect Moody's expectation that Vivendi can maintain debt protection measurement broadly in line with the Baa2 category following closing of the transaction, the agency said.

Moody's noted, however, that the transaction has substantially exhausted Vivendi's near-term flexibility

The ratings on Vivendi reflect the leading industry positions all of Vivendi's activities occupy and the resultant healthy aggregate profits and cash flows, the agency 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.