Leading positions worldwide in water distribution and waste water treatment. Significant share of stable and recurrent revenues under long-term municipal contracts. Wide diversity by business, contract, and geography. Shift toward a less capital-intensive and more credit-protective financial strategy. Volatility of earnings from the group's large and cyclical waste business. Limited ability to generate free cash flow before disposals. A degree of exposure to competitive factors, notably in waste and energy services, and to contract renewal risk for its contracts and concessions. The ratings on Veolia Environnement S.A. (VE) reflect Standard&Poor's Ratings Services' view of the group's leading positions worldwide in water distribution and waste water treatment, which represented 35% of revenue in the first nine months of 2010;
