Scale and diversity. Vertical integration. A significant share of secured earnings. Earnings momentum conferred by sizable capacity under construction. Structural exposure to volatile commodities. Extensive investment program and high shareholder returns. Weak economic conditions in core European markets. Some political interference risks. Standard&Poor's Ratings Services placed its ratings on GDF SUEZ S.A. on CreditWatch with negative implications on July 20, 2010. The CreditWatch status reflects the planned transaction between GDF SUEZ and U.K.-based power developer International Power PLC (IPR; BB/Watch Pos/--). The ratings on GDF SUEZ are underpinned by the group's scale and diversification as one of the largest utilities worldwide in both gas and electricity. The group's predominant position in power generation and supply in Belgium, its
