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 and refocus of investments on contracted/regulated activities. Favorable market positions and growth prospects in its energy services division. Depressed market conditions in its power and gas European operations. Exposure to fast-growing, but historically volatile, overseas markets. Improving credit metrics supported by EBITDA growth and reduced investments from 2019 including funds from operations (FFO) to debt above 20% and debt to EBITDA of about 4x. Supportive financial policy and proven financial flexibility from a diverse portfolio of activities. Strong liquidity. The stable outlook reflects our greater confidence that French multinational
