Significant contribution to earnings of regulated businesses Very strong position in French power generation and supply International strategy refocused on Western Europe Superior free operating cash flow generation Moderate financial profile given sizable nuclear and postretirement liabilities High operating and regulatory risks in nuclear power generation Low regulated supply prices versus wholesale prices in France Joint ownership of only two of the group's three main international operations The ratings on French electricity incumbent Electricité de France (EDF) reflect its stand-alone creditworthiness--which would ensure an 'A+' rating--and a one-notch uplift for state support, as the group's primary focus is on nuclear power generation and the entailed significant operational risks and decommissioning liabilities. EDF's stand-alone credit quality reflects the significant contribution to
