The ratings reflect Vivendi Environnement S.A.'s (VE) top-tier global position in water and waste-management activities, as well as its leading European position in energy services. The company's low-risk business profile--benefiting from recurring income under long-term contracts--is offset by a fairly weak financial profile, with funds from operations (FFO) to average net debt of 15% in 2001. With 2001 turnover of The ratings reflect Vivendi Environnement S.A.'s (VE) top-tier global position in water and waste-management activities, as well as its leading European position in energy services. The company's low-risk business profile--benefiting from recurring income under long-term contracts--is offset by a fairly weak financial profile, with funds from operations (FFO) to average net debt of 15% in 2001. With 2001 turnover of €29.1 billion, VE enjoys leading positions in its four core activities. Vivendi Water is the world's largest water and wastewater management company, with sales of €13.6 billion (47%of the group total) in 2001, and its waste-management subsidiary Onyx (sales of €5.9 billion, 20% of the group total) ranks third globally. In energy and transport services, VE holds strong positions
