Leading positions worldwide in water and waste. Recurrent revenues from long-term contracts bearing little volume and performance risk. Wide diversity by business, contract, and geography. Focus on deleveraging and cost-cutting. Decline in core domestic market's historically high profitability. Waste's exposure to recessionary economic conditions in Europe Strategic plan execution risks High debt and stretched credit-metrics The ratings on Veolia Environnement S.A. (Veolia) reflect Standard&Poor's Ratings Services' assessment of the group's business risk profile as "strong" and its financial risk profile as "significant." The ratings are supported by Veolia's leading worldwide positions in water and waste, its recurrent revenues from long-term municipal contracts that bear little volume and performance risk, and high diversity in terms of business, contracts, and
