Electricit? de France 'AA-/A-1+' Ratings On CreditWatch Negative Re British Energy Group Bid Sep 08

Standard & Poors, September 2008

Abstract
PARIS (Standard & Poor's) Sept. 25, 2008--Standard & Poor's Ratings Services said today that it has placed its 'AA-/A-1+' long- and short-term ratings on French electricity incumbent Electricit- de France S.A. on CreditWatch with negative implications. The CreditWatch status follows EDF's cash offer for U.K.-based nuclear generator British Energy Group PLC (BE, BB/Watch Pos/--). We do not expect a downgrade of EDF to exceed one notch. Consequently, we have not placed the ratings on EDF's subsidiary, France-based transmission operator RTE EDF Transport S.A. (AA-/Stable/A-1+), on CreditWatch with negative implications. We are prepared to allow a one-notch rating differential between EDF and RTE given the subsidiary's independence from EDF--guaranteed by law--and RTE's specific corporate governance arrangements. Likewise, the CreditWatch status does...

Companies mentioned in this report are: Electricite de France S.A.
Action: On CreditWatch:Negative

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.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Electricite de France S.A.

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