The ratings on France-based multi-utility GDF Suez S.A. are based on the company's stand-alone credit profile, which we assess at 'a', based on our view of its "excellent" business risk profile and "intermediate" financial risk profile, as our criteria define these terms. Although the Republic of France (unsolicited ratings, AA+/Negative/A-1+) is GDF SUEZ's largest shareholder, we believe that there is a "low" likelihood that the state would provide timely and sufficient extraordinary support to GDF SUEZ in the event of financial distress. GDF Suez's "excellent" business risk profile is supported by the group's scale and diversification as one of the world's largest gas and electricity utilities and its strong competitive position in most of the markets where it operates. Our
