Summary: Electricite de France S.A. Feb 08
Standard & Poors, February 2008
Abstract
The ratings on French electricity incumbent Electricit- de France S.A. (EDF) reflect its stand-alone creditworthiness--which would ensure an 'A+' rating--and a one-notch uplift for state support, given the group's primary focus on nuclear power generation and the entailed significant operational risks and decommissioning liabilities. EDF's stand-alone credit quality reflects its leading position by far in the only moderately competitive French generation and supply market, underpinned by its focus on nuclear generation; the significant contribution to earnings, especially in France, of regulated businesses; the successful refocusing of its international operations on Western Europe; and its superior free operating cash flow generation. These strengths are offset to a degree by EDF's financial profile, which is moderate given sizable unfunded postretirement and nuclear...
Companies mentioned in this report are: Electricite de France S.A.
Action: Review
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.
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.
Electricite de France S.A.
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