Fitch affirms Vivendi

Fitch Ratings said it affirmed Vivendi SA's long-term issuer default and senior ratings at BBB. The outlook on the issuer default rating is stable.

The affirmation follows the agency considering the likely impact on the French market of the entry of a fourth mobile operator, Iliad. Fitch said profits at Vivendi's telecom business in France are going to come under increasing pressure following the entry of Iliad. Vivendi's headroom in its credit profile remains tight, the agency said, but Fitch believes that the erosion of the French telecom business' cash flow generation ability could be partly offset by the continued strong financial performance in other parts of the group.

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