Leading positions worldwide in water and waste management. Wide diversity in business, customers, contracts, and geography. Increasing contribution from growing and higher margin environmental services to industrial customers. Significant improvement in profitability, thanks to ongoing restructuring efforts. Exposure to the declining and less profitable core domestic water market and to waste business' sensitivity to economic cycles. Improving free operating cash flow generation, with development of more asset-light models. Track record of significant debt reduction over the past years. Financial policy of debt stabilization and neutral discretionary cash flows. Active debt management and sound liquidity. S&P Global Ratings' stable outlook on France-based Veolia Environnement S.A. reflects its anticipation that the group will continue improving its profitability and credit metrics in the
