Research Update: French Power Utility EDF Upgraded To 'AA-/A-1+' On Reassessment Of Link With The State; Outlook Stable Jul 11

Standard & Poors, July 2011

Abstract
We have revised our view of the link between French power incumbent EDF and the French state to "very strong" rather than "strong." We are maintaining our assessment of EDF's stand-alone credit profile at 'a', following the recent recovery of its financial risk profile. We are raising our ratings on EDF to 'AA-/A-1+' from 'A+/A-1' to reflect our view of an increased likelihood of state support. The stable outlook reflects our view that EDF will continue to benefit from a "high" likelihood of support from the French government. On July 7, 2011, Standard & Poor's Ratings Services raised to 'AA-/A-1+' from 'A+/A-1' its long- and short-term corporate credit ratings on Electricit- de France S.A. (EDF). The outlook is stable. The...

Companies mentioned in this report are: Electricite de France S.A.,EDF Energy PLC,EDF Energy Group Holdings PLC,EDF Energy Customers PLC,Seeboard Energy Ltd.
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Electricite de France S.A.,EDF Energy PLC,EDF Energy Group Holdings PLC,EDF Energy Customers PLC,Seeboard Energy Ltd.

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