Standard&Poor's lowered its long-term corporate credit and senior unsecured ratings on Electricité de France to double-'A' from double-'A'-plus on May 27, 2002. At the same time, the 'A-1'-plus short-term corporate credit rating and commercial-paper ratings were affirmed. The negative outlook was maintained. The rating action primarily reflects a closer alignment of the 100% state-owned France-based utility's ratings with its standalone credit profile, namely because EDF's ties with the French state are bound to diminish. In its assessment of state support, Standard&Poor's has taken into account the increased likelihood of a partial privatization of EDF in the future, plus the fact that the entity's "EPIC" (Etablissement Public à caractère Industriel et Commercial) status is at risk since
