Although we forecast that GDF SUEZ's earnings will bottom out in 2014 as a result of unfavorable weather and market conditions, we don't expect GDF SUEZ's credit metrics to sustainably deviate from our guidance for the rating. GDF SUEZ has significantly cut its debt over the past quarters and rapidly restored its financial flexibility, and we believe its strategy will support the business risk and financial risk profiles. We are revising our outlook to stable from negative and affirming our 'A/A-1' ratings on GDF SUEZ. The stable outlook reflects our opinion that GDF SUEZ will maintain a high level of financial discipline and that its credit metrics will remain commensurate with its rating over the next few years despite its
