Electricite de France S.A. Aug 11
Standard & Poors, August 2011
Abstract
Overwhelming position in the only moderately competitive French generation and supply market. Very high share of domestic regulated earnings. Cash flow predictability conferred by its regulated earning and low exposure to volatile commodities and wholesale markets. Strong liquidity with substantial cash balances and excellent access to credit markets. Political interference risks, notably on tariffs. Risky and highly capital-intensive new nuclear build projects. Sizable investment needs. Stretched credit metrics. The 'AA-' long-term rating on Electricit- de France S.A. (EDF) is based on EDF's stand-alone credit profile (SACP), which Standard & Poor's Ratings Services assesses at 'a', as well as on our opinion that there is a "high" likelihood that the French Republic (unsolicited ratings AAA/Stable/A-1+) would provide timely and sufficient extraordinary...
Companies mentioned in this report are: Electricite de France S.A.,EDF Energy PLC,EDF Energy Customers PLC,Seeboard Energy Ltd.,RTE EDF Transport S.A.,Wagram Insurance Co. Ltd.
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.
Research Type: Full Analysis
Electricite de France S.A.,EDF Energy PLC,EDF Energy Customers PLC,Seeboard Energy Ltd.,RTE EDF Transport S.A.,Wagram Insurance Co. Ltd.
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