PARIS (Standard&Poor's) Sept. 26, 2007--Standard&Poor's Ratings Services said today that it raised to 'BBB+' from 'BBB' all its senior unsecured debt ratings on France-based environmental services group Veolia Environnement S.A. (VE). At the same, the 'BBB+/A-2' long- and short-term corporate credit ratings were affirmed. The outlook is stable. "We no longer consider that debt holders at Veolia S.A., the group's parent company, face significant structural subordination under a default scenario," said Standard&Poor's credit analyst Hugues de la Presle. "We have therefore equalized the ratings on VE's long-term senior unsecured debt with the corporate credit rating on the group." The ratings equalization reflects a reduction of financial debt at operating company level, but also the
