PARIS (S&P Global Ratings) Aug. 1, 2019--Things are heating up for Veolia Environnement S.A. (BBB/Stable/A2). S&P Global Ratings said today that Veolia's $1.25 billion disposal of its district heating activities in the U.S. and strong business performance in the first half of 2019 could result in credit metrics above the thresholds for the current rating. Veolia indicated that proceeds from the U.S. sale will be used to fuel growth. We will get more clarity on Veolia's strategy and financial policy, particularly whether the group will maintain these strong metrics, when the group presents its new business plan in February 2020. Veolia's disposal of its U.S. district heating business--sold for more than we expected at an enterprise value/EBITDA multiple of 14.2x--represents
