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The Devil Is In The Detail: S&P's Adjustments To Gaz de France S.A. And Suez S.A. Nov 06

  • ID: 2045849
  • November 2006
  • Region: France
  • Standard & Poors
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FEATURED COMPANIES

  • ENGIE SA
  • Suez S.A.
  • Veolia Environnement S.A.
  • MORE

Abstract
The adjustments Standard & Poor's Ratings Services makes to companies' figures in order to calculate credit ratios remain significant, in particular for the four major French utilities. In " The Devil Is In The Detail: S&P's Adjustments To Electricité de France S.A. And Veolia Environnement S.A.," we outline the adjustments we make to the figures published by those two companies. In this article the focus is on Gaz de France S.A. (GDF; AA-/Watch Neg/A-1+) and Suez S.A. (A-/Watch Pos/A-2). The adjustments to GDF's figures are limited, whereas those to Suez's are more substantial. Both articles are based on the companies' more comprehensive 2005 annual accounts, rather than on their more recently published first-half 2006 accounts. Following its exercise of a...

Companies mentioned in this report are:
- Electricite de France S.A.
- ENGIE SA
- Suez S.A.
- Veolia Environnement S.A.

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 READ MORE >

Note: Product cover images may vary from those shown
2 of 3

- Electricite de France S.A.
- ENGIE SA
- Suez S.A.
- Veolia Environnement S.A.

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

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