(Editor's note: The last sentence of the outlook section of this article, which was originally published earlier today, has been amended for greater clarity. A corrected version of the article follows.) The ratings on French 100% state-owned Electricité de France (EDF) are based on the group's dominant position in its French home market, competitive nuclear generation portfolio, and substantial share of low-risk regulated activities. Management's refocused strategy of consolidating its positions in Western Europe and commitment to rapidly improving the group's profitability and financial structure also underpin the ratings. These strengths are nevertheless offset by EDF's currently only average financial profile, due to the group's substantial unfunded pension and nuclear liabilities and to sizeable off-balance-sheet commitments. The ratings on EDF
