Summary: AREVA Mar 12

Standard & Poors, March 2012

Abstract
The ratings on French nuclear services provider AREVA reflect our assessment of the group's stand-alone credit profile (SACP) of 'bb-', together with a three-notch uplift for likely extraordinary state support. Areva is 87%-owned by the Republic of France (AA+/Negative/A-1+) and we consider it to be a government-related entity (GRE). According to our criteria for rating GREs, the three-notch uplift reflects our opinion that there is a "high" likelihood that the French state would provide timely and sufficient extraordinary support to AREVA in the event of financial distress. This is based on our assessment of AREVA's "important" role as France's leading nuclear services provider and its "very strong" link with the government. We view AREVA's business risk profile as only "fair,"...

Companies mentioned in this report are: AREVA
Action: Review

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AREVA

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