PARIS (Standard&Poor's CreditWire) June 28, 2000--Standard&Poor's today assigned first corporate credit ratings to Vivendi Environnement S.A. (VE), the holding company for the environmental services subsidiaries of Vivendi S.A. (BBB/Watch Neg/A-2). Triple-'B'-plus long-term and 'A-2' short-term corporate credit ratings were assigned. The outlook is stable. The ratings primarily reflect the leading global positions of VE in environmental services. With consolidated sales expected to total more than euro (Eur) 25 billion in 2000, VE's operating subsidiaries include the world's largest water utility group and top-tier international players in the waste, energy-network management, and collective-transport sectors. The low-risk business profile, benefiting from recurring income under long-term contracts, is offset at the current rating level by aggressive balance-sheet leveraging and
