S&P affirms Vivendi

S&P said it affirmed its BBB long-term rating on Vivendi SA and its unsecured debt. The outlook is stable.

S&P said the affirmation primarily reflects S&P’s view of Vivendi's “solid operating performance” and “significantly improved” credit metrics in 2018, but also its expectation that these metrics will likely deteriorate within the next two years.

“That said, we understand that Vivendi intends to redeploy its capital through a mix of shareholder returns and acquisitions, in line with its financial policy of maintaining S&P Global Rating-adjusted leverage below 3x,” S&P said in a news release.

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