On Oct. 10, 2005, Standard&Poor's Ratings Services affirmed its 'AA-' long-term and 'A-1+' short-term corporate credit ratings on French electricity incumbent Electricité de France (EDF). The outlook remains negative. The affirmation reflects the continued incorporation of state support into EDF's ratings, together with the positive impact of the expected forthcoming IPO of EDF's shares on its financial profile. Standard&Poor's views EDF's stand-alone rating as 'A+', but will continue to factor into the analysis a one-notch uplift for state support, given EDF's very specific features, in particular its focus on nuclear energy. EDF's stand-alone credit quality is underpinned by its dominant position in the French market; low variable costs thanks to its focus on nuclear and hydro-electric
