...+ Electricite de France's (EDF's) 2017 financial performance and guidance for 2018 are commensurate with our expectations for the 'A-' rating, including three notches of extraordinary support from the French state. + Very high investments (notably in nuclear), insufficiently supported by improved market conditions, will lead to organic negative free cash flows. + Potential changes in Europe's energy market design and likely improved visibility on France's energy policy will eventually provide more visibility on EDF's future strategy and cash flows. + We consider as positive EDF's commitment to its stated financial policy and to take remedial actions to protect its credit quality. + We are affirming our 'A-/A-2' ratings on EDF. + The negative outlook reflects our expectation of a slow recovery in EBITDA in the next two to three years, amid improving but still unfavorable market conditions, resulting in upward trending adjusted debt over 2018-2020 absent of additional remedy measures. PARIS...
