The 'A+' rating on French power incumbent Electricité de France S.A. (EDF) is based on the company's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'A', as well as our opinion that there is a "moderately high" likelihood that the Republic of France (foreign and local currency rating AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to EDF in the event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of a "moderately high" likelihood of extraordinary government support is based on our assessment of EDF's: "Important" role for the French economy, and "Strong" link with the French government, its 84.7% shareholder. EDF's SACP factors in its leading position in the
