PARIS (Standard&Poor's) June 12, 2007--Standard&Poor's Ratings Services said today that it affirmed its 'BBB+/A-2' long- and short-term corporate credit and all debt ratings on France-based environmental services group Veolia Environnement S.A. (VE). The outlook is stable. The affirmation follows VE's announcement of a fully underwritten €2.6 billion capital increase to refinance recent acquisitions. VE recently decided to acquire Italian waste-to-energy operator TMT, and Thermal North America Inc. (TNAI), a leading U.S. heating and cooling system operator, for enterprise values of €338 million (of which 25% will only be paid in 2011/2012), and $788 million, respectively. These purchases closely follow that in April 2007 of Sulo, Germany's second-largest waste management company, for an enterprise value of €1.45
