PARIS (Standard&Poor's CreditWire) May 18, 2001--Standard&Poor's today revised to positive from stable its outlook on environmental services holding company Vivendi Environnement S.A., 72%-owned by Vivendi Universal S.A. (BBB/Watch Neg/A-2). At the same time, Standard&Poor's affirmed its ratings on Vivendi Environnement, including the triple-'B'-plus long-term and 'A-2' short-term corporate credit ratings. (See list below for all ratings affected.) In accordance with Standard&Poor's structural subordination criteria, the company's forthcoming bond issue will be assigned a triple-'B' rating, one notch below the company's long-term corporate credit rating. The outlook revision follows Standard&Poor's analysis of Vivendi Environnement's 2000 results and business projections. With consolidated sales of €26.4 billion in 2000, Vivendi Environnement enjoys a
