This article has been republished as some amendments have been made to Tables 2, 3, 4, and 5. A corrected version of the article follows. 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 business and geographical diversification and top-tier market positions. An adequate financial profile. Limited infrastructure ownership and primary focus on operating service contracts, resulting in a degree of exposure to price competition at renewal time and renewal risk at contract maturity. Significant exposure to more volatile industrial clients (about 25% of consolidated sales), notably in waste and energy services. Increasing focus on shareholder value. The ratings on France-based Veolia Environnement S.A. (VE)
