PARIS (Standard&Poor's) May 15, 2002--Standard&Poor's said today that its ratings and outlook on France-based multi-utility Vivendi Environnement S.A. (VE; BBB+/Negative/A-2) remain intact, despite the company's inclusion in the list of companies that Standard&Poor's considers to present a meaningful degree of liquidity risk linked to triggers included in their credit facilities (see the commentary article entitled "Identifying Ratings Triggers and Other Contingent Calls on Liquidity-Part 2" published earlier today on RatingsDirect, Standard&Poor's Web-based credit analysis system). The triggers are already factored into the current ratings and outlook, and are unlikely to entail short-term refinancing risks for VE--especially in view of the company's cash-flow stability as a diversified utility. As already communicated by Standard
