OVERVIEW We believe Electricité de France's (EDF's) business fundamentals have weakened, and we now assess its business risk profile as strong rather than excellent. We consider that there is a high likelihood that the French government would provide timely and sufficient extraordinary support to EDF in the event of financial distress. We are lowering our ratings on EDF to 'A/A-1' from 'A+/A-1' and removing them from CreditWatch. The negative outlook reflects that on France as well as the additional risks we see as potentially hampering the group's business risk profile and cash flow generation. PARIS (S&P Global Ratings) May 13, 2016--S&P Global Ratings today lowered its long-term corporate credit rating on French power utility Electricité de France S.A. (EDF) to
