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 agency said the ratings reflect the strength of the company's two core media assets, Universal Music Group and Canal+, healthy portfolio diversification and manageable leverage supported by strong free cash flow generation.

The company is planning to sell up to 50% of Universal Music.

Fitch said it believes that the partial sale of the well-positioned business could be credit negative for Vivendi if the bulk of proceeds are returned to shareholders.

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