Scale and diversity. Leading and vertically integrated market positions. Sizable share of regulated and contracted operations. Track record of financial discipline. Exposure to volatile commodities. Depressed energy markets in Europe. Generous shareholder returns. Some political risks. The ratings on France-based multi-utility GDF Suez S.A. are based on the company's stand-alone credit profile, which we assess at 'a', based on our view of its "excellent" business risk profile and "intermediate" financial risk profile, as our criteria define the terms. Although the Republic of France (AA+/Negative/A-1+) is GDF SUEZ's largest shareholder, we believe that there is a "low" likelihood that the state would provide timely and sufficient extraordinary support to GDF SUEZ in the event of financial distress. GDF Suez's excellent business
