S&P: Vivendi Universal unchanged

Standard & Poor's said that its ratings and outlook on Vivendi Universal SA (BBB-/positive/A-3) remain unchanged following management's disclosure of the potential financial impact of first-time application of International Financial Reporting Standards to its results for 2004.

Most notably, under IFRS, Vivendi Universal's balance sheet at Dec. 31, 2004 would have included €1.5 billion of minority-interest buyout commitments (put options).

S&P said the majority of these commitments, all of which were treated off balance sheet under French GAAP, were included in S&P's adjusted debt calculations, in particular the €1.1 billion commitment to buy, in January 2005, an additional 16% of cash-generative Maroc Telecom (not rated).

© 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.