PARIS (Standard&Poor's) May 27, 2002--Standard&Poor's said today that it has lowered its long-term corporate credit ratings on 100% state-owned France-based utility Electricité de France to double-'A' from double-'A'-plus. The outlook remains negative. At the same time, Standard&Poor's affirmed its 'A-1'-plus short-term issuer credit rating on the company. The rating action primarily reflects a closer alignment of EDF's ratings with its standalone credit profile. "EDF's ties with the French State are bound to diminish," said Jean-François Véron, a Standard&Poor's credit analyst. The negative outlook reflects the uncertainty concerning the future transfer of EDF's very large unfunded pension liabilities. A satisfactory resolution of this issue, along with a continued strong financial profile, could entail
