Significant contribution to earnings from regulated businesses Leading position in French power generation and supply International strategy refocused on Western Europe Superior free operating cash flow generation Moderate financial profile Higher operating and regulatory risks of nuclear power generation Low regulated supply prices constraining profitability in France Joint ownership of only 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 the significant contribution to earnings, especially in France, of regulated businesses; its
