Vivendi Environnement, the French environmental services company, is likely to avoid losing its investment-grade rating after it secured bondholder approval to scrap a cross-default clause in an equity-linked bond guaranteed by Vivendi Universal, the troubled media conglomerate.

Holders of the company's 2005 convertible issue approved the waiver with a majority of 64.8% at a vote on Tuesday, which required a quorum of at least 25%. In return, Vivendi Environnement agreed to offer a 75 basis point increase in coupon, or interest, payments to remove Vivendi Universal as guarantor on the transaction.