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Announcements by European Commission Have No Impact on Electricit? de France's Ratings Dec 03
Standard & Poors, Dec 2003
Abstract
PARIS (Standard & Poor's) Dec. 16, 2003--Standard & Poor's Ratings Services said today that announcements made by the European Commission regarding France-based Electricit- de France (EDF; AA-/Negative/A-1+), the world's largest electric utility, have no impact on the company's ratings or outlook. The Commission announced today that: -- It has requested EDF to make a tax-related payment of -889 million plus interest to the French state, -- The French government has agreed to eliminate EDF's unlimited state guarantee by end-2004 (by way of a change of the company's EPIC status), and -- A draft reform of EDF's pension scheme is compatible with state-aid rules. The -889 million payment, although material, is a nonrecurrring item. The main rating uncertainties continue to be...
Companies mentioned in this report are: Electricite de France S.A.
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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