On July 15, 2008, Standard&Poor's Rating Services said that its 'AA-/A-1+' long- and short-term corporate credit ratings on French gas incumbent Gaz de France S.A. (GDF) remain on CreditWatch negative, and its 'A-/A-2' ratings on Franco-Belgian multi-utility Suez S.A. remain on CreditWatch positive, until the completion of the merger of the two entities. We originally placed the ratings on CreditWatch on Feb. 27, 2006, following the initial merger announcement. Upon completion of the merger, Standard&Poor's expects to assign ratings of 'A/A-1' to the combined group, GDF SUEZ S.A. The outlook will likely be positive. The new rating will effectively entail a downgrade of the renamed GDF, and a withdrawal of our ratings on Suez. We will
