Moody's lifts Vivendi's debt rating to investment grade
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International credit rating agency Moody's Investors Service raised the rating on media giant Vivendi Universal to investment grade from junk status.
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Strength for European equities on Thursday, came thanks to overnight support from Wall Street, and after eurozone inflation data eased some concerns over interest rates, helping bond yields move lower.
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Reassuring third-quarter earnings from  U.S. bellwether firms Intel and Yahoo! gave European shares a  boost on Wednesday that was reinforced by Dutch chip equipment  maker ASML, to the detriment of bonds.
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French media and telecoms group Vivendi   on Wednesday posted an 18 percent rise in adjusted  full-year net profit, pulled mainly by Maroc Telecom   and its games, French mobile and pay-TV units.
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Consumers kept a watchful eye on their debt and boosted their borrowing at an annual rate of 1.8 percent in December, the Federal Reserve reported Monday.
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Global credit rating agency Standard & Poor's says Russian government debt is looking like a good investment again.
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Moody's Corp. , the parent of credit rating agency Moody's Investors Service, on Wednesday said fourth-quarter profit rose 43 percent, helped by double-digit revenue growth in its main business lines.
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Standard & Poor's Ratings  Services on Tuesday raised its general obligation bond rating  on California to 'A' from 'BBB,' citing an easing of the Golden  State's cash crunch.
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Fitch on Friday upgraded the debt ratings for Illinois Power Co. to investement grade status, after the company was acquired by Ameren Corp.
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European stocks were higher on Wednesday thanks to a strong performance on Wall Street overnight, and fresh merger and acquisition activity.
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European equities rose on Thursday, helped by encouraging corporate results and strength in the financial sector. The FTSE Eurofirst 300 gained 1.3 per cent to 1,486.10.
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Vivendi Universal on Thursday sold a 15 per cent stake in its former water subsidiary Veolia Environnement, raising about â¬1.5bn for the French group to pay back debt and tighten its focus on media and telecommunications.
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The pressure on bond insurers increased on Wednesday after Fitch Ratings downgraded FGIC Corp's credit rating and Standard &amp; Poor's reviewed the ratings on $529 billion worth of U.S. mortgage-backed securities and collateralized debt obligations.
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Wall Street opened higher on Tuesday after Warren Buffett, the billionaire investor, offered to take over $800bn in municipal bonds currently insured by bond insurers Ambac, MBIA (NYSE:MBI) and FGIC.
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Investment bank Lehman Brothers  Holdings Inc. on Tuesday said quarterly earnings rose 5  percent, easily beating analysts' estimates, on strength in its  top-ranked bond business and growing investment banking  revenue.
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French telecoms and media group Vivendi   VIV.PA reported a 10.9 percent rise in its first-half net   adjusted profit on Thursday, as growth from games and pay-TV   Canal Plus made up for lackluster trading at mobile arm SFR.
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Vivendi Universal SA said Thursday it was selling 15 percent of its water utility Veolia Environnement SA in a move that could raise about euro1.5 billion (&#36;2 billion) and further cut debt at the French media and telecommunications group.