Comprehensive scale with significant business and geographic diversity. Sizable and rapidly increasing share of regulated and contracted operations, supported by large disposals in merchant power and oil and gas upstream activities. Depressed market conditions in its core power and gas European operations. Exposure to fast-growing, but historically volatile, overseas markets. Rating pressure from currently weak credit metrics, partly compensated by financial policy and commitments. Financial flexibility stemming from a portfolio of noncore minority stakes. Strong liquidity. Pronounced use of nonrecourse debt in project finance operations. The negative outlook reflects uncertainties regarding improvement in ENGIE's credit metrics and debt reduction over the next 18 months, and the execution risks S&P Global Ratings still foresees in the group's strategic plan. This is
