On Dec. 30, 2002, Standard&Poor's Ratings Services placed on CreditWatch with negative implications its 'AAA' long-term corporate credit rating on 100% state-owned French gas utility Gaz de France (GDF), following the company's announcement of the acquisition of TUI AG's (not rated) German energy businesses. At the same time, Standard&Poor's affirmed its 'A-1+' short-term corporate credit and commercial paper ratings on GDF. The CreditWatch placement comes in response to GDF's decision to acquire essentially all of TUI AG's German gas production assets for €1 billion, and to finance the entire purchase through debt. The CreditWatch negative listing will be resolved once Standard&Poor's has reviewed GDF's upstream and European expansion strategy and once the conditions of
