The integration of regulated municipal water activities in the U.S. (where Veolia has a number three position by revenue) and Chile (number one by revenue), which we view as highly predictable in terms of cash flows. This complements a strong market position in Europe; and The integration of Suez Water Technologies&Solutions (Suez) into Veolia Water Technologies, which offers value-added services--such as desalination, separation technologies, and ultrapure water through nanofiltration--generates high returns, and has a strong growth potential for municipalities and industrial sectors, including oil and gas, microelectronics, and mining. The stable outlook on Veolia reflects our expectation that the group will maintain a balanced portfolio of activities, with municipal water and district heating operations accounting for close to
