Moody's Investors Service, the rating agency, has upgraded Vivendi Universal, but not with the same enthusiasm of its rival Standard & Poor's. S&P has rated the French media and telecoms group investment grade. The rating by Moody's remains at junk level.

S&P's two-notch upgrade on Tuesday returned Vivendi to investment grade roughly two years after the former debt-ridden company was cut to junk, or high yield.