We forecast that Veolia Environnement's profitability will continue to strengthen, supported by cost cutting and organic growth. We believe the group's 2016-2018 strategic plan is well on track and supports the group's credit quality. We are therefore affirming our 'BBB/A-2' ratings on Veolia. We are also raising our Greater China regional scale issue rating to 'cnA' from 'cnA-', correcting an error in the application of our criteria. The stable outlook reflects our anticipation that the group will consolidate its profitability and credit metrics in the coming years while self-financing its capital expenditures and dividends. On May 26, 2016, S&P Global Ratings affirmed its 'BBB/A-2' long- and short-term corporate credit ratings on environmental services group Veolia Environnement S.A. The outlook is
