The French Defense Industry - Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: October 2011
- Region: France
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.
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Electricite de France S.A.