Overwhelming position in the only moderately competitive French generation and supply market. Very high share of domestic regulated earnings. Cash flow predictability conferred by its regulated earning and low exposure to volatile commodities and wholesale markets. Substantial cash balances and excellent access to credit markets. Uncertain energy regulation and policies following a government change in France. Political risks, notably on tariffs. Risky and highly capital-intensive new nuclear build projects. Sizable investment program and a soaring CSPE tax deficit. Stretched credit metrics. The 'A+' long-term rating on Electricité de France S.A. (EDF) is based on EDF's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'a', as well as on our opinion that there is a "high" likelihood
