The ratings on GDF SUEZ S.A. are underpinned by the group's scale and diversification as one of the largest utilities worldwide in both gas and electricity. The group's predominant position in power generation and supply in Belgium, its still quasi-monopolistic position in French gas, and its vertical integration in most of its markets are also positive. The rating is also supported by the sizable share of GDF SUEZ's regulated and contracted operations, its relatively young and clean power generation assets, its broad and highly diversified gas sourcing including its leading position in liquefied natural gas (LNG), its intermediate financial risk profile, and strong liquidity. These strengths are partially offset by GDF SUEZ's extensive investment program and high shareholder returns. Other
