PARIS (Standard&Poor's) Oct. 3, 2003--Standard&Poor's Ratings Services said today that yesterday's announcement of Electricité de France's (EDF; AA-/Negative/A-1+) first-half 2003 results has no impact on the ratings on the French state-owned electricity utility. EDF's first-half accounts, which partially conform to International Accounting Standards and include significant nonrecurring items, were satisfactory, with a 4.7% growth in sales (unconsolidated, and excluding foreign-exchange effects). EDF's first-half results benefited from positive accounting treatments, primarily related to slower depreciation of its nuclear plants, although this also resulted in a €1 billion increase in tax payments. The positive accounting effects, however, did not completely offset the large write-offs and provisions made against EDF's foreign investments during the period. EDF's operating cash flow
