We have revised our view of the link between French power incumbent EDF and the French state to "very strong" rather than "strong." We are maintaining our assessment of EDF's stand-alone credit profile at 'a', following the recent recovery of its financial risk profile. We are raising our ratings on EDF to 'AA-/A-1+' from 'A+/A-1' to reflect our view of an increased likelihood of state support. The stable outlook reflects our view that EDF will continue to benefit from a "high" likelihood of support from the French government. On July 7, 2011, Standard&Poor's Ratings Services raised to 'AA-/A-1+' from 'A+/A-1' its long- and short-term corporate credit ratings on Electricité de France S.A. (EDF). The outlook is stable. The
