Electricité de France (EDF) benefits from its dominant, largely protected market position for electricity in France, and leading positions in the competitive U.K. and Italian power markets. The group's stretched credit metrics and negative discretionary cash flows continue to weigh on the ratings, although we anticipate some improvements in the coming years. Regulatory risks, notably on tariffs, a potential change in governance, and the group's U.K. nuclear project create uncertainty about future earnings. We are affirming our 'A+/A-1' ratings on EDF. The stable outlook reflects our opinion 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. PARIS (Standard&Poor's) Sept. 26, 2014--Standard&
