PARIS (Standard&Poor's) June 15, 2006--Standard&Poor's Ratings Services said today that the ratings on French environmental services group Veolia Environnement S.A. (BBB+/Stable/A-2) remain unchanged following the announcement by the group of its interest in a friendly merger with French concession and construction group VINCI S.A. (BBB+/Stable/A-2). Standard&Poor's understands from Veolia's management that, following the rejection of its approach by VINCI, it will not pursue a hostile offer, or an offer with a cash component. Similarly, Standard&Poor's understands that VINCI is not open to a friendly merger with Veolia. If Veolia were to change its mind and consider either a hostile offer or a mixed share and cash offer, we would likely place the
