At 31 December 2025, the Group’s credit ratings were as follows:
| Rating | ||||
|---|---|---|---|---|
| Agency | Long-term | Outlook | Short-term | |
| VINCI SA | S&P Global | A– | Stable | A2 |
| Moody’s | A3 | Stable | P2 | |
| ASF | S&P Global | A– | Stable | A2 |
| Moody’s | A3 | Stable | P2 | |
| Cofiroute | S&P Global | A– | Stable | A2 |
| Gatwick Funding Limited (*) | S&P Global | BBB+ | Stable | |
| Moody’s | Baa1 | Stable | ||
| Fitch | BBB+ | Stable | ||
(*) Company that raises funding for London Gatwick airport.
In 2025, rating agencies updated their views as follows:
Some financing agreements include early redemption clauses applicable in the event of non-compliance with financial ratios (see Note J.25.1, “Detail of long-term financial debt by business line”). Those redemption clauses are triggered in the event of non-compliance with several ratios, the most important of which are the debt coverage ratio, the interest coverage ratio and the net debt/Ebitda ratio.
The Group regularly monitors developments in relation to these financial covenants and pays particular attention to finance agreements that could give rise to risks of it failing to comply with financial ratios in the short and medium term. Talks take place with lenders as the case may be to inform them of potential instances of default related to such failures.
At the end of 2025, all ratios were complied with and the Group had not identified any risk of non-compliance that could lead to the debt concerned being reclassified as current liabilities.
Cash and cash equivalents comprise current accounts at banks and short-term liquid investments subject to negligible risks of fluctuations of value. Cash equivalents include money market UCITS and certificates of deposit with original maturities of three months or less. Bank overdrafts are not included in cash and are reported on the balance sheet under “Current financial liabilities”.
“Cash management financial assets” comprises investments in money market securities and bonds, and units in UCITS, made with a short-term management objective, that do not satisfy the IAS 7 criteria for recognition as cash. They are measured and recognised at their fair value. Changes in value are recognised in profit or loss. Purchases and sales of cash management financial assets are recognised at their transaction date.
At 31 December 2025, the Group’s available resources amounted to €22.0 billion, including €15.5 billion of net cash managed and a confirmed, unused €6.5 billion medium-term credit facility. These available resources enable the Group to manage its liquidity risk (see Note J.25.2, “Net financial debt maturity schedule”).
