Stable and recurrent revenues under long-term municipal and medium-term industrial outsourcing contracts in the group's key water-utility and waste-management activities; A high degree of diversification and top-tier market positions; Limited exposure to emerging markets; and Recent strategic decisions to dispose of cyclical and non-utility-like businesses and to improve profitability through a cost-cutting program. Utility business model, focused on relatively higher-risk contractual and concession-based service activities, without infrastructure ownership; Resulting limited free operating cash flow generation ability, in comparison with a still significant €18.2 billion of gross debt including securitizations; and A degree of exposure to competitive factors, notably in waste and energy services, and to roll-over requirements for its contracts and concessions. The ratings on French-based Veolia Environnement S.A. (VE)
