The ratings on GDF Suez S.A. reflect its scale and diversity; significant presence in both power (through Belgian power incumbent Electrabel) and gas (through GDF); leading market share in power in Benelux supported by Electrabel's nuclear generation focus, and gas in France; significant share of regulated operations; leading position in Europe and the Atlantic basin in liquefied natural gas (LNG); and robust financial profile. These strengths are offset to a degree by integration risks arising from the two merged groups' very different cultures and business mix, compounded by a very protracted merger process. However, GDF and Suez operate essentially in adjacent businesses, limiting the need for integration. In addition, the long lead-time of the merger has allowed significant preparatory work
