Electricite de France SA http://www.alacrastore.com/company-snapshot/Electricite_de_France_SA-2018617 Monday, October 13, 2008 11:04:25 PM 2018617 Electricite de France SA en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/409166_report_framefitch/409166_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Electricite de France SA8046418310/9/2008 10:20:04 AM0100000001020000010201000103000001032200165Credit UpdateEDF409166_report_frameCredit & Investment ResearchFitch ResearchUS - French state-owned Electricite de France SA {EDF} agreed to acquire Eagle Energy Partners I LP, a provider of energy marketing services, from Lehman Brothers Holdings Inc. The transaction was subject to customary closing conditions and regulatory approvals.10/1/2008 1:49:47 PM28503927021Z351777524908Electricite de France SA{EDF}Eagle Energy Partners I LPFranceLehman Brothers Holdings Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Electricite_de_France_SAEDF_acquires_Eagle_Energy_Partners_I_LP_from_Lehman_Brothers_Holdings_Inc-2016233020sdc/20162330202016233020Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MElectric, Gas, and Water DistributionFranceElectric services4911FFForeignPublicEDF4911:Electric services999A:National governmentJones DayBusiness ServicesUnited StatesManagement consulting services8742TXTexasSubsidiary1980002National governmentInvest bkUnspecifiedAssets885354002Oct 1 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000EUR31 Dec 070.000003.075108202.656000.0000087074.01600269440.76400EURO0.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000Electricite de France SA,headquartered in France, is aleading player in the EuropeanEnergy Industry. It is a anintegrated energy supplieroperating in wide range ofelectricity-relatedbusinesses: generation,transmission, distribution,sale and trading of energy.EDF is the leading operator inFrench electriity market andholds positions in the otherthree principal Europeanmarkets (Germany, UK andItaly). It was founded in1946l.Electricite de France SA, headquartered in France, is aleading player in the European Energy Industry. It is a anintegrated energy supplier operating in wide range ofelectricity-related businesses: generation, transmission,distribution, sale and trading of energy. EDF is the leadingoperator in French electriity market and holds positions inthe other three principal European markets (Germany, UK andItaly). It was founded in 1946l.Electricite de France SA, headquartered in France, is a leading player in the European Energy Industry. It is a an integrated energy supplier operating in wide range of electricity-related businesses: generation, transmission, distribution, sale and trading of energy. EDF is the leading operator in French electriity market and holds positions in the other three principal European markets (Germany, UK and Italy). It was founded in 1946l.1.000002.000003.000004.000005.000006.000007.000008.000009.00000Eagle Energy Partners I LP,located in Houston, Texas,provides energy marketingservices which acquires,manages, and delivers naturalgas and electric power acrossthe United States and Canada.The company was founded in2003.Eagle Energy Partners I LP, located in Houston, Texas,provides energy marketing services which acquires, manages,and delivers natural gas and electric power across theUnited States and Canada. The company was founded in 2003.Eagle Energy Partners I LP, located in Houston, Texas, provides energy marketing services which acquires, manages, and delivers natural gas and electric power across the United States and Canada. The company was founded in 2003.0.000000.000000.000000.00000Y29 Sep 08Mon, 29 Sep 2008 00:00:00 ESTDate Announced: 09/29/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.00000US - French state-ownedElectricite de France SA {EDF}agreed to acquire Eagle EnergyPartners I LP, a provider ofenergy marketing services,from Lehman Brothers HoldingsInc. The transaction wassubject to customary closingconditions and regulatoryapprovals.US - French state-owned Electricite de France SA {EDF} agreed to acquire Eagle Energy Partners I LP, a provider of energy marketing services, from Lehman Brothers Holdings Inc. The transaction was subject to customary closing conditions and regulatory approvals.US - French state-owned Electricite de France SA {EDF} agreed to acquire Eagle EnergyPartners I LP, a provider of energy marketing services, from Lehman Brothers Holdings Inc.The transaction was subject to customary closing conditions and regulatory approvals.US - French state-owned Electricite de France SA {EDF} agreed to acquire Eagle Energy Partners I LP, a provider of energy marketing services, from Lehman Brothers Holdings Inc. The transaction wassubject to customary closing conditions and regulatory approvals.US - French state-owned Electricite de France SA {EDF} agreed to acquire Eagle Energy Partners I LP, a provider of energy marketingservices, from Lehman Brothers Holdings Inc. The transaction was subject to customary closing conditions and regulatory approvals.Pending28796.000005618.0000059637.00000184540.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000004911:Electric services4924:Natural gas distribution4925:Gas production and/or distribution7319:Advertising, nec8742:Management consulting services2390001France999AForeignGovernment6211:Security brokers, dealers, and flotation companies5454007Pink SheetUnited States6211New YorkPublicLEHMQ0.000000.000000.000000.00000Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/cs/74762cs/74762norm London Conference: Euro Utilities - Gone With The Wind At our recent London conference we took a look at the European wind sector. Current installed wind capacity in Europe is around ##GW, but this is forecast to increase to ###GW...747625550YesD0Article14801490149314888951479corp/reports3848Transcripts9/30/2008 11:06:00 PM150In our 2008 CreditSights London conference presentation we take a look at the European wind sector. What are the pros, what are the cons, who's investing and will we ever reach 20% by 2020?74762Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_163514_807785065moodys/PR_163514_807785065htmlGlobal Credit Research Rating Action ## SEP #### Rating Action: British Energy Group plc Moody's reviews for downgrade Aa# ratings of EDF; places Ba# ratings of British Energy on review for upgrade Approximately EUR ## billion of debt...9/26/2008 12:53:42 AMhtmlBritish Energy Group plcBritish Energy Holdings plcEDF Trading LimitedSEEBOARD Energy LtdEDF Energy Networks (SPN) plcEDF Energy Customers plcEDF Energy Networks (LPN) plcElectricite de FranceEDF Energy (South East) plcEDF Energy plcEDF Energy Networks (EPN) plcBritish Energy Group plc; British Energy Holdings plc; EDF Energy (South East) plc; ...807785065806774460600062613600061455600061454600057904600057903260000175801435011860150.0000NewsRating ActionPR_163514_807785065Credit & Investment ResearchMoody's Global Credit ResearchUS - French state-owned Electricite de France {EDF} planned to launch a challenging offer to acquire the remaining ##.##% interest, or ###.### mil common shares, which it did not already own, in Constellation Energy Group Inc (CE), an electric and gas utility company, for $## per share, or a total value of $#.### bil. The transaction was subject to customary closing conditions and shareholder approval. Originally, EDF was rumored to be planning to acquire the remaining ##.##% interest in CE. Previously, MidAmerican Energy Holdings Co definitively agreed to acquire all the outstanding common stock of CE.9/25/2008 3:22:51 PM285039210371351777210371Electricite de France SA{EDF}Constellation Energy Group IncFranceConstellation Energy Group Inchttp://www.alacrastore.com/storecontent/Thomson_M%26A/Electricite_de_France_SAEDF_acquires_Constellation_Energy_Group_Inc-2014052020sdc/20140520202014052020Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MElectric, Gas, and Water DistributionFranceElectric services4911FFForeignPublicEDF4911:Electric services999A:National governmentNew YorkElectric, Gas, and Water DistributionUnited StatesElectric services4911MDMarylandPublicCEG1980002National governmentElec,gas utility;hldg coCashCash OnlyCommon Stock817553001Sep 25 200836.175001230.700001833.500001817.300001918.900001744.600001509.300001685.500006451.100000.776000.963001372.100004.55000827.600001343.2000021206.80000290.1000028851.90000EUR31 Dec 070.000003.075108202.656000.0000087074.01600269440.76400EURO30 Jun 0831 Dec 0731 Dec 0631 Dec 0531 Dec 0431 Dec 031.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.00000Electricite de France SA,headquartered in France, is aleading player in the EuropeanEnergy Industry. It is a anintegrated energy supplieroperating in wide range ofelectricity-relatedbusinesses: generation,transmission, distribution,sale and trading of energy.EDF is the leading operator inFrench electriity market andholds positions in the otherthree principal Europeanmarkets (Germany, UK andItaly). It was founded in1946l.Electricite de France SA, headquartered in France, is aleading player in the European Energy Industry. It is a anintegrated energy supplier operating in wide range ofelectricity-related businesses: generation, transmission,distribution, sale and trading of energy. EDF is the leadingoperator in French electriity market and holds positions inthe other three principal European markets (Germany, UK andItaly). It was founded in 1946l.Electricite de France SA, headquartered in France, is a leading player in the European Energy Industry. It is a an integrated energy supplier operating in wide range of electricity-related businesses: generation, transmission, distribution, sale and trading of energy. EDF is the leading operator in French electriity market and holds positions in the other three principal European markets (Germany, UK and Italy). It was founded in 1946l.1.000002.000003.000004.000005.000006.000007.00000Constellation Energy GroupInc, headquartered inBaltimore, Maryland, is anelectric and gas utilitycompany. It also serves as aholding company. The companywas founded in 1906.Constellation Energy Group Inc, headquartered in Baltimore,Maryland, is an electric and gas utility company. It alsoserves as a holding company. The company was founded in1906.Constellation Energy Group Inc, headquartered in Baltimore, Maryland, is an electric and gas utility company. It also serves as a holding company. The company was founded in 1906.0.000000.000000.00000178.33000YU.S. Dollar19 Sep 08Fri, 19 Sep 2008 00:00:00 ESTDate Announced: 09/19/2008Date Effective:MergerFriendlyPending0.000000.000000.0000011225.916000.0000035.00000Price/Share0.000005641.44 U.S. Dollar5641.435006241.6160010625.7 U.S. Dollar10625.735000.000000.0000035.0000035.0000010625.7350010625.7 U.S. Dollar1.00000N3107.886000.000000.000000.000000.000000.000005641.435005641.435003.404006.123008.1820013.564000.529001.844009.6160090.384006.412008.568001.8170014.205000.554008.430007.542000.29400152421.1010024.7700057.8700066.710002.062001.900000.4680011225.9160015.5130012.159005924.9000011896.519006471.200004.181005.9450016.4270014.66700-47.5300041.30000-39.520001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.0000019.0000020.0000021.0000022.0000023.00000US - French state-ownedElectricite de France {EDF}planned to launch achallenging offer to acquirethe remaining 90.38% interest,or 161.184 mil common shares,which it did not already own,in Constellation Energy GroupInc (CE), an electric and gasutility company, for $35 pershare, or a total value of$5.641 bil. The transactionwas subject to customaryclosing conditions andshareholder approval.Originally, EDF was rumored tobe planning to acquire theremaining 90.38% interest inCE. Previously, MidAmericanEnergy Holdings Codefinitively agreed to acquireall the outstanding commonstock of CE.US - French state-owned Electricite de France {EDF} planned to launch a challenging offer to acquire the remaining 90.38% interest, or 161.184 mil common shares, which it did not already own, in Constellation Energy Group Inc (CE), an electric and gas utility company, for $35 per share, or a total value of $5.641 bil. The transaction was subject to customary closing conditions and shareholder approval. Originally, EDF was rumored to be planning to acquire the remaining 90.38% interest in CE. Previously, MidAmerican Energy Holdings Co definitively agreed to acquire all the outstanding common stock of CE.US - French state-owned Electricite de France {EDF} planned to launch a challenging offerto acquire the remaining 90.38% interest, or 161.184 mil common shares, which it did notalready own, in Constellation Energy Group Inc (CE), an electric and gas utility company,for $35 per share, or a total value of $5.641 bil. The transaction was subject tocustomary closing conditions and shareholder approval. Originally, EDF was rumored to beplanning to acquire the remaining 90.38% interest in CE. Previously, MidAmerican EnergyHoldings Co definitively agreed to acquire all the outstanding common stock of CE.US - French state-owned Electricite de France {EDF} planned to launch a challenging offer to acquire the remaining 90.38% interest, or 161.184 mil common shares, which it did not already own, inConstellation Energy Group Inc (CE), an electric and gas utility company, for $35 per share, or a total value of $5.641 bil. The transaction was subject to customary closing conditions and shareholderapproval. Originally, EDF was rumored to be planning to acquire the remaining 90.38% interest in CE. Previously, MidAmerican Energy Holdings Co definitively agreed to acquire all the outstandingcommon stock of CE.US - French state-owned Electricite de France {EDF} planned to launch a challenging offer to acquire the remaining 90.38% interest, or161.184 mil common shares, which it did not already own, in Constellation Energy Group Inc (CE), an electric and gas utility company, for$35 per share, or a total value of $5.641 bil. The transaction was subject to customary closing conditions and shareholder approval.Originally, EDF was rumored to be planning to acquire the remaining 90.38% interest in CE. Previously, MidAmerican Energy Holdings Codefinitively agreed to acquire all the outstanding common stock of CE.$ 10,625.735 - JP Morgan - Adv0.00000JP Morgan & Co Inc1.00000UBS Investment BankMorgan Stanley1.000002.00000$ 10,625.735 - UBS Investment Bank - Adv$ 10,625.735 - Morgan Stanley - Adv0.000000.00000Pending28796.000005618.0000059637.00000184540.0000036.175001833.500001817.300001918.900001744.600001509.300001685.500006451.100001372.100004.510004.120003.380003.400002.850004.550006471.200005359.400004703.800004937.900004817.800004253.90000822.40000748.60000606.70000588.80000475.70000827.600001250.700001099.60000810.80000761.00000745.200001343.2000021193.2000019284.9000017132.0000012549.700009703.0000021206.8000028851.9000021945.7000021801.6000021473.9000017347.1000015718.90000Status:PendingUS7.692007.6920.063000.968000.96824.1990013.8200012.8290011.2230021.569006451.100001.093008.701003.404004.549000.965004911:Electric services4922:Natural gas transmission4931:Electric and other services combined4932:Gas and other services combined6719:Offices of holding companies, nec2390001France999AForeignGovernment4911:Electric services4922:Natural gas transmission4931:Electric and other services combined4932:Gas and other services combined6719:Offices of holding companies, nec817553001New YorkUnited States4911MarylandPublicCEG5641.4350010625.7350010625.735005853.75400Deal InformationTF Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/spcred/673261spcred/673261normThe latest News from S&Pglobalstructured9/25/2008 12:59:00 PM100News673261FranceElectric UtilitiesLatin AmericaUnited StatesAsiaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceSovereignsCorporationsUtilitiesAsset-Backed SecuritiesCommercial MBSElectricNewsPARIS (Standard&Poor's) Sept. 25, 2008--Standard&Poor's Ratings Services said today that it has placed its 'AA-/A-1+' long- and short-term ratings on French electricity incumbent Electricité de France S.A. on CreditWatch with negative implications. The CreditWatch status follows EDF's cash offer for U.K.-based nuclear generator British Energy Group PLC (BE, BB/Watch Pos/--). We do not expect a downgrade of EDF to exceed one notch. Consequently, we have not placed the ratings on EDF's subsidiary, France-based transmission operator RTE EDF Transport S.A. (AA-/Stable/A-1+), on CreditWatch with negative implications. We are prepared to allow a one-notch rating differential between EDF and RTE given the subsidiary's independence from EDF--guaranteed by law--and RTE's specific corporate governance arrangements. Likewise, the CreditWatch status doesFRA28503X28503Y2850H72850392850H22850H328503A28503B28503G28503H28503N28503P28503S28503T28503U28503W28503E28503L28503V55101010 551010 5510 55Electricite de France S.A.100726LATAMERICAUSAASIAEMERGINGEUROMIDAFREDF@FPNEWSGLOBISSSTRUCSOVCORPUTILABSCMBSElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/673288spcred/673288normThe latest Research Update from S&Pglobalstructured9/25/2008 12:59:00 PM175Research Update673288FranceElectric UtilitiesLatin AmericaUnited StatesAsiaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceSovereignsCorporationsUtilitiesAsset-Backed SecuritiesCommercial MBSElectricResearch UpdateOn Sept. 25, 2008, Standard&Poor's Ratings Services placed its 'AA-/A-1+' long- and short-term ratings on French electricity incumbent Electricité de France S.A. on CreditWatch with negative implications. The CreditWatch status follows EDF's cash offer for U.K.-based nuclear generator British Energy Group PLC (BE, BB/Watch Pos/--). We do not expect a downgrade of EDF to exceed one notch. Consequently, we have not placed the ratings on EDF's subsidiary, France-based transmission operator RTE EDF Transport S.A. (AA-/Stable/A-1+), on CreditWatch with negative implications. We are prepared to allow a one-notch rating differential between EDF and RTE given the subsidiary's independence from EDF--guaranteed by law--and RTE's specific corporate governance arrangements. Likewise, the CreditWatch status does not apply to EDF's 'A' rated U.K.FRA28503X28503Y2850H72850392850H22850H328503A28503B28503G28503H28503N28503P28503S28503T28503U28503W28503E28503L28503V55101010 551010 5510 55Electricite de France S.A.100726LATAMERICAUSAASIAEMERGINGEUROMIDAFREDF@FPRESUPDGBRFRA55101010 551010 5510 55EDF Energy PLCBritish Energy Group PLCRTE EDF Transport S.A.116646307595399784EUROMIDAFR70921Z@LNBGY@LN226514Z@FPGLOBISSSTRUCSOVCORPUTILABSCMBSElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/74586cs/74586norm EDF/BE: Rien Ne Va Plus After months of speculation EDF finally announced a recommended offer for the entire share capital of British Energy. The offer is either ###p/share in cash or ###p/share in cash plus a contingent value right...745862250YesD0Article147912561320corphy4723842High Yield49M&A Activity9/24/2008 10:06:00 PM150After months of speculation, and an earlier aborted attempt, EDF finally announced a recommended offer for the entire share capital of British Energy. We expect shareholders to accept.74586Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/438116_pr_framefitch/438116_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.British Energy Group plcBritish Energy Holdings plcCentrica plcEDF Energy PlcElectricite de France SA80090723804641838176627681769268834100639/24/2008 2:14:00 PM01000000010200000102010001030000010310000103220085Press ReleaseBGYCNAEDF438116_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/438117_pr_framefitch/438117_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.British Energy Group plcBritish Energy Holdings plcEDF Energy PlcElectricite de France SA800907238046418381766276817692689/24/2008 2:14:00 PM010000000102000001020100010300000103220085Press ReleaseBGYEDF438117_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/437317_pr_framefitch/437317_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.CEZ a.s.E.ON AGElectricite de France SARWE AGVattenfall Ab80092367804641398046418380753861830693279/23/2008 10:16:00 AM01000000010200000102010001030000010310000103220085Press ReleaseBAACEZEDFEOANRWE437317_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/73618cs/73618norm Constellation Energy: We're Sorry, So Sorry CEG held an unusual analyst meeting last week to apologize for getting its collateral estimates wrong and tell us what it planned to do about it CEG did say that the fall in commodity prices...736181577YesD0Article15441479540corp72122709/2/2008 6:05:06 AM150CEG held an unusual analyst meeting last week to apologize for getting its collateral estimates wrong. We moved to a speculative overweight on Shattuck's earlier statements and based on the presentation, we will maintain that overweight.73618Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/fitch/397494_report_framefitch/397494_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Electricite de France SA804641838/20/2008 10:14:00 AM01032200425Full Rating ReportEDF397494_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/cs/72657cs/72657norm British Energy: The End Of The Affair? In an unaccountable blunder British Energy's Board only seemed to consider its two major independent shareholders at the last moment, and they were not inclined to accept the EDF offer. Even given...726571856YesD0Article147912561320corphy43842High Yield49M&A Activity8/4/2008 7:42:47 AM150BE's two biggest independent shareholders did not think EDF's offer was good enough but given EDF's U.K. ambitions we think the current offer will remain on the table a while longer.72657Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/newstex/XIN-0001-27089499newstex/XIN-0001-27089499xml Aug. #, #### (Xinhua News Agency delivered by Newstex) -- Xinhua world economic news summary at #### GMT, Aug. #SEOUL -- South Korea's electronic securities transactions dipped ##.# percent in the first quarter from the previous three...0400000004017000040170028/1/2008 2:21:41 AM18000000180050001900000019002000190020041900200719002009190020131900201819002016English News ServiceXIN-0001-27089499ELECTRICITE DE FRANCEECIFFNewsNewstexhttp://www.alacrastore.com/storecontent/spcred/661525spcred/661525normThe latest Summary from S&Pglobalstructured7/25/2008 8:21:15 AM175Summary661525FranceElectric UtilitiesEurope, Middle East, AfricaLatin AmericaUnited StatesAsiaEmerging MarketsGlobal IssuersStructured FinanceSovereignsCorporationsUtilitiesAsset-Backed SecuritiesCommercial MBSElectricSummaryThe ratings on French electricity incumbent Electricité 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; its ability to benefit from any further liberalizing of the French market, as low regulated supply prices currently constrain its profitability; the significant contribution to earnings, especially in France, of regulated businesses; and its superior free operating cash flow generation, which will, however, decline as a result of theFRA28503A28503B28503E28503G28503H28503L28503N28503P28503S28503T28503U28503V28503W28503X28503Y2850H72850392850H22850H355101010 551010 5510 55Electricite de France S.A.100726EUROMIDAFRLATAMERICAUSAASIAEMERGINGEDF@FPSUMMARYGLOBISSSTRUCSOVCORPUTILABSCMBSElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661524spcred/661524normThe latest Full Report from S&Pstructuredglobal7/25/2008 8:21:15 AM400Full Report661524FranceElectric UtilitiesEurope, Middle East, AfricaLatin AmericaUnited StatesAsiaEmerging MarketsStructured FinanceGlobal IssuersUtilitiesAsset-Backed SecuritiesCommercial MBSInsuranceSovereignsCorporationsElectricFull ReportLeading position by far in France Ability to benefit from any further deregulation of the French market Superior free operating cash flow generation Moderate financial profile Higher operating and regulatory risks of nuclear power generation Joint ownership only of two of the group's three main international operations The ratings on French electricity incumbent Electricité 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; its abilityFRA28503A28503B28503E28503G28503H28503L28503N28503P28503S28503T28503U28503V28503W28503X28503Y2850H72850392850H22850H355101010 551010 5510 55Electricite de France S.A.100726EUROMIDAFRLATAMERICAUSAASIAEMERGINGEDF@FPFULLFRAGBRIRL40301030 403010 4030 4055101010 551010 5510 5555103010 551030 5510 55EDF Energy (Group Holdings) PLCRTE EDF Transport S.A.Wagram Insurance Co. Ltd.317828399784411612EUROMIDAFR70921Z@LN226514Z@FPEDF@FPSTRUCGLOBISSUTILABSCMBSINSSOVCORPElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/424958_pr_framefitch/424958_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Electricite de France SA804641836/30/2008 10:14:00 AM0103220085Press ReleaseEDF424958_pr_frameCredit & Investment ResearchFitch ResearchFRANCE - An ##% state-owned unit Electricite de France SA {EDF} agreed to acquire a ##% stake in SPE SA, a Brussel-based provider of electric utility, from Gaz de France SA, for an estimated ### mil euros($###.### mil US). The transaction was subject to the approval of the competition authorities.6/25/2008 3:03:57 PM28503978491A35177778491AElectricite de France SA{EDF}SPE SAFranceSPE SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Electricite_de_France_SAEDF_acquires_a_minority_stake_in_SPE_SA-1989746040sdc/19897460401989746040Copyright © 2008, Thomson Financial, All Rights ReservedEuro P.P.MPublic AdministrationFranceNational government agency999BFFForeignPublicEDF4911:Electric services999B:National government agency999A:National governmentSullivan & CromwellElectric, Gas, and Water DistributionBelgiumElectric services4911FFForeignPrivate1980002National governmentPvd elec utilityCashCash OnlyStock266825001Jun 25 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.00000Majority state owned nationalgovernment agency, produceselectricity. The company isheadquartered in France.Majority state owned national government agency, produceselectricity. The company is headquartered in France.Majority state owned national government agency, produces electricity. The company is headquartered in France.1.000002.000003.000004.000005.000006.000007.00000SPE SA, located in Brussels,Belgium, provides electricityservices. The company builds,operates and maintains powerplants. It provideselectricity at 21 power plantsin Flanders and Wallonia.SPE SA, located in Brussels, Belgium, provides electricityservices. The company builds, operates and maintains powerplants. It provides electricity at 21 power plants inFlanders and Wallonia.SPE SA, located in Brussels, Belgium, provides electricity services. The company builds, operates and maintains power plants. It provides electricity at 21 power plants in Flanders and Wallonia.0.000000.000000.000000.00000YEURO20 Jun 08Fri, 20 Jun 2008 00:00:00 ESTDate Announced: 06/20/2008Date Effective:Acq. Part. Int.Not Appl.0.000000.000000.000000.000000.000000.00000Price/Share0.00000515 EURO515.000000.00000515 EURO515.000000.000000.000000.000000.00000515.00000515 EURO1.56100N406.932000.000000.000000.000000.000000.00000803.93400803.934000.000000.000000.000000.000000.000000.000000.0000025.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.00000FRANCE - An 85% state-ownedunit Electricite de France SA{EDF} agreed to acquire a 25%stake in SPE SA, aBrussel-based provider ofelectric utility, from Gaz deFrance SA, for an estimated515 mil euros($803.934 milUS). The transaction wassubject to the approval of thecompetition authorities.FRANCE - An 85% state-owned unit Electricite de France SA {EDF} agreed to acquire a 25% stake in SPE SA, a Brussel-based provider of electric utility, from Gaz de France SA, for an estimated 515 mil euros($803.934 mil US). The transaction was subject to the approval of the competition authorities.FRANCE - An 85% state-owned unit Electricite de France SA {EDF} agreed to acquire a 25%stake in SPE SA, a Brussel-based provider of electric utility, from Gaz de France SA, foran estimated 515 mil euros($803.934 mil US). The transaction was subject to the approvalof the competition authorities.FRANCE - An 85% state-owned unit Electricite de France SA {EDF} agreed to acquire a 25% stake in SPE SA, a Brussel-based provider of electric utility, from Gaz de France SA, for an estimated 515 mileuros($803.934 mil US). The transaction was subject to the approval of the competition authorities.FRANCE - An 85% state-owned unit Electricite de France SA {EDF} agreed to acquire a 25% stake in SPE SA, a Brussel-based provider ofelectric utility, from Gaz de France SA, for an estimated 515 mil euros($803.934 mil US). The transaction was subject to the approval ofthe competition authorities.$ 803.934 - Citi - Adv0.00000Citi1.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000