Summary: ENGIE SA

Comprehensive scale with outstanding business and geographic diversity. Sizable and increasing share of regulated and contracted operations. Leading and integrated market positions. Young and clean power generation assets. Depressed market conditions in its core European operations. Increasing exposure to fast-growing, but historically volatile, overseas markets. Some political risks. Strong record of financial discipline. Material financial flexibility. Strong liquidity. Pronounced use of nonrecourse debt in project finance operations. The stable outlook on global utility ENGIE SA (previously GDF SUEZ S.A.) reflects Standard&Poor's Ratings Services' expectation that the group's medium-term strategic plan should enhance the predictability and resilience of its cash flows while supporting the consolidation of its credit metrics. We view a ratio of Standard&Poor's-adjusted funds from

...Outlook: Stable The stable outlook on global utility ENGIE SA (previously GDF SUEZ S.A.) reflects Standard & Poor's Ratings Services' expectation that the group's medium-term strategic plan should enhance the predictability and resilience of its cash flows while supporting the consolidation of its credit metrics. We view a ratio of Standard & Poor's-adjusted funds from operations (FFO) to debt that exceeds 20% as commensurate with our assessment of ENGIE's "significant" financial risk profile and current ratings. The stable outlook also reflects our expectation that management will maintain strict financial discipline and will make use of its financial flexibility if necessary. Furthermore, the outlook factors in the high likelihood that the group will make midsize acquisitions that suit its growth strategy and our expectation that such acquisitions would not cause a marked or sustained change to the group's financial trajectory; we would not expect any change to last longer than 12-18...

Summary