Our 'A+' rating on Electricité de France S.A. (EDF) is based on our assessment at 'a' of its stand-alone credit profile (SACP), and 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. In line with its criteria for government-related entities (GREs), Standard&Poor's Ratings Services bases its assessment on 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 most of EDF's earnings in France through regulated tariffs; and "Important" role for France as the key pillar and instrument of
