Leading position in electricity generation and supply in France. Significant share of regulated earnings. Likely positive impact from underway French electricity market reform. Support from French state. Moderate financial profile. Poor recent availability of French nuclear plants. Weak financial profile following acquisitions. Risky and highly capital intensive expansion strategy in new nuclear. The 'A+' rating on French power incumbent Electricité de France S.A. (EDF) is based on the company's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'A', as well as our opinion that there is a "moderately high" likelihood that the Republic of France (foreign and local currency rating AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to EDF in the event of financial distress.
