Research Update: Global Energy Group GDF SUEZ's 'A/A-1' Ratings On CreditWatch Negative On Adverse Business Outlook

In our view, the recent and significant deterioration in European energy prices is structural. We believe this will erode GDF SUEZ's profitability and cash flow in the coming years and put some pressure on its credit metrics. We are placing our 'A/A-1' corporate credit ratings on GDF SUEZ (GDFS) on CreditWatch with negative implications. The CreditWatch placement reflects our view that we could revise downward our assessment of GDFS' business risk profile, and lower the ratings, in the absence of support from a strengthening financial profile. On Jan. 29, 2013, Standard&Poor's Ratings Services placed its 'A' long-term and 'A-1' short-term corporate credit ratings on France-based global energy player GDF SUEZ S.A. (GDFS) and related entities on CreditWatch with

RESEARCH Research Update: Global Energy Group GDF SUEZ's 'A/A-1' Ratings On CreditWatch Negative On Adverse Business Outlook Publication date: 29-Jan-2013 Primary Credit Analyst: Nicolas Riviere, Paris (33) 1-4420-6709; nicolas_riviere@standardandpoors....

Research Update