PARIS (Standard&Poor's) Aug. 14, 2002--Standard&Poor's Ratings Services said today that its ratings and outlook on France-based multi-utility Vivendi Environnement (VE; BBB+/Stable/A-2) remain unchanged, despite Vivendi Universal S.A.'s (VU; BB/Watch Neg/B) considerably increased credit risk. The issues surrounding the removal of a cross-default clause with VU-–which exists only with respect to VE's outstanding €1.5 billion 1.5% convertible bond--remain to be resolved. "The currently stable outlook factors in the rating separation between VE and VU, as well as Standard&Poor's expectation that the existing cross-default clause in the above-mentioned convertible bond should be removed after the bondholder meetings, scheduled for Aug. 20 or Aug. 27, 2002, in case the required quorum is not obtained," said Karl Nietvelt,
