PARIS (Standard&Poor's CreditWire) July 26, 1999--Standard&Poor's today affirmed its triple-'A' long-term corporate credit and senior unsecured debt ratings on Gaz de France (GDF) and removed them from CreditWatch, where they had been placed with negative implications on April 19, 1999. GDF's 'A-1'-plus short-term corporate credit and commercial paper ratings were also affirmed. The outlook is stable. The CreditWatch placement had followed the downgrade of the long-term corporate credit and senior unsecured debt ratings on Electricite de France (EDF) to double-'A'-plus from triple-'A'. Both EDF and GDF are 100%-state-owned energy utilities with a legal status conferring on their obligations the ultimate guarantee of the Republic of France (triple-'A'/Stable/'A-1'-plus), and with national monopoly entitlements soon to be partly
