S&P: Vivendi Universal unaffected

Standard & Poor's said its ratings and outlook on Vivendi Universal SA (BBB-/positive/A-3) remain unchanged on news that the company's 56%-owned subsidiary SFR plans a public benchmark bond issue.

The agency said it expects the bond issue to largely refinance existing indebtedness at SFR, including funds recently used to prepare for the planned deconsolidation of fixed-line operator Cegetel.

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