Continued high EBITDA contribution of regulated gas infrastructure assets, including the gas transmission grid in France and bulk of the gas distribution networks in France; Diversified gas import portfolio, and competitive supply position thanks to access to storage and import capacity, LNG fleet, and large share of residential clients; Robust free cash flow generation ability; and Strong financial profile, expected to remain so after the pension reform. Strategic challenges to expand in Europe and diversify into higher risk electricity generation and gas upstream activities; and Increasing competitive pressures expected on gas supply margins as liberalization progresses. The ratings on 100% state-owned Gaz de France S.A. (GDF) reflect the forecast large share of low-risk regulated gas transport activities, a benign regulatory
