S&P affirms Vivendi

Standard & Poor's said that it has affirmed the BBB/A-2 long- and short-term corporate credit ratings on Vivendi SA.

The outlook is stable.

The affirmation follows Vivendi's announcement of its €7.75 billion buyout of minority interests in France's No. 2 fixed and mobile telecoms services provider SFR, the agency said. Vivendi, which currently owns 56% of SFR, expects to complete the transaction by mid-year.

The rating action reflects the view that Vivendi's full ownership of SFR would improve cash flow circulation, reduce financial complexity, boost discretionary cash flow and reduce tax-related risks, the agency added.

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