Leading position by far in France Ability to benefit from any further deregulation of the French market Superior free operating cash flow generation Moderate financial profile Higher operating and regulatory risks of nuclear power generation Joint ownership only of 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 its leading position by far in the only moderately competitive French generation and supply market, underpinned by its focus on nuclear generation; its ability
