Comprehensive scale with outstanding business and geographic diversity. Sizable and growing share of regulated and contracted operations. Leading and integrated market positions. Young and clean power generation assets. Depressed market conditions in its core European operations. Increasing exposure to fast-growing, but historically volatile, overseas markets. Some political risks. Strong record of financial discipline. Significant financial flexibility. Strong liquidity. Significant use of nonrecourse debt in project finance operations. The stable outlook reflects Standard&Poor's Ratings Services' expectation that GDF SUEZ S.A.'s medium-term strategic plan should enhance the predictability and resilience of its cash flows while supporting the consolidation of its credit metrics. We view a ratio of Standard&Poor's-adjusted funds from operations (FFO) to debt that exceeds 20% as
