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BULLETIN: Ratings on Electricit? de France Unaffected by First-Half Results Oct 03
Standard & Poors, Oct 2003
Abstract
PARIS (Standard & Poor's) Oct. 3, 2003--Standard & Poor's Ratings Services said today that yesterday's announcement of Electricit- de France's (EDF; AA-/Negative/A-1+) first-half 2003 results has no impact on the ratings on the French state-owned electricity utility. EDF's first-half accounts, which partially conform to International Accounting Standards and include significant nonrecurring items, were satisfactory, with a 4.7% growth in sales (unconsolidated, and excluding foreign-exchange effects). EDF's first-half results benefited from positive accounting treatments, primarily related to slower depreciation of its nuclear plants, although this also resulted in a -1 billion increase in tax payments. The positive accounting effects, however, did not completely offset the large write-offs and provisions made against EDF's foreign investments during the period. EDF's operating cash flow...
Companies mentioned in this report are: Electricite de France S.A.,Edison SpA,EnBW Energie Baden-Wuerttemberg AG
Action: S&P Event
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.
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