Financial Services Industry
Industry: Email Alert RSS FeedVivendi remains under pressure despite [euro]1bn loan agreement.
Financial News, July, 2002
Byline: Guy Paisner in Paris
Vivendi Universal is still under fire from investors, analysts and ratings agencies over its liquidity problems despite confirmation that it has secured a [euro]1bn loan facility from a consortium of six banks.Standard & Poor's said that it views the [euro]1bn bridge loan as an important first refinancing step. "This credit line, coupled with a current cash balance of about [euro]1bn, will allow Vivendi Universal to face repayments over the next three months or so," said Guy Deslondes, a credit analyst at Standard & Poor's.
The rating agency stressed that its investment grade (BBB-) rating for Vivendi Universal assumed that the group would rapidly improve its liquidity position to cover [euro]2.5bn of financial obligations...
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