The 'A+' long-term rating on Electricite de France S.A. (EDF) is based on EDF's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'a', as well as on our opinion that there is a "high" likelihood that the French state (Republic of France, unsolicited AA+/Negative/A-1+) would provide timely and sufficient extraordinary support to EDF in the event of financial distress. We consider EDF to be a government-related entity (GRE). In accordance with our criteria for GREs, our view of a moderate likelihood of extraordinary government support is based on our assessment of EDF's: "Very strong" link with the French state based on its 70% minimum ownership, involvement in EDF's corporate governance and operations, and final say over
