Summary: AREVA Sep 09

Standard & Poors, September 2009

Abstract
The ratings on French nuclear services provider AREVA, 91% owned by the Republic of France (AAA/Stable/A-1+), reflect the company's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'BBB+'. In addition, the ratings include a two-notch uplift from the SACP, reflecting our opinion that there is a "moderately high" likelihood that the French state would provide timely and sufficient extraordinary support to AREVA in the event of financial distress. Because of AREVA's state ownership, we consider it as a government-related entity (GRE) under our criteria. Accordingly, our view of a "moderately high" likelihood of extraordinary government support is based on our assessment of AREVA's "important" role as France's leading nuclear services provider and "strong" link with the...

Companies mentioned in this report are: AREVA
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

AREVA

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