On Jan. 9, 2009, Standard&Poor's Ratings Services lowered to 'A+/A-1' from 'AA-/A-1+' its long- and short-term corporate credit rating on French power incumbent Electricité de France S.A. (EDF) to reflect the weakening in the group's financial profile entailed by its recently completed about £12.5 billion acquisition of U.K.-based nuclear generator British Energy Group PLC (BE, BBB-/Stable/--) and its likely acquisition for $4.5 billion of 49.9% of the nuclear assets of U.S. utility Constellation Energy Group Inc. (BBB/Watch Neg/A-2). EDF's ratings continue to incorporate one notch for extraordinary government support, given the group's primary focus on nuclear power generation and the ensuing significant operational risks and decommissioning liabilities, as well as ownership by the French state, which by law
