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Rating

EDF is rated by the 3 following rating agencies: Moody’s, Standard & Poor’s and Fitch. The ratings attributed by these agencies allow EDF to enjoy favourable conditions for access to the financial markets.

Agency Long-term rating Short term rating
date
Moody's Aa3, negative outlook P-1 12/05/2012
Standard & Poor's A+, stable outlook A-1 01/17/2012
Fitch ratings A+, negative outlook F1 12/31/2010
       

Each agency uses its own system in attributing ratings.

More information about the rating system

Long-term rating system

Each rating agency uses its own long-term rating scales which have about 10 or so grades. Long-term rating covers debts of over one year.

  • Moody's : This agency uses a rating made up of upper and lower case letters. From the most to the least favourable, the scale is as follows: Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C. The rating is refined by a figure from 1 to 3, which indicates the company's position within a category.
  • Standard & Poor's and Fitch : These agencies use a rating scale in upper case letters. From the most to the least favourable: AAA, AA, A, BBB, BB, B, CCC, CC, C, D. The rating is refined by a + or -, according to whether the company is located in the higher or lower end of a given category.

Agencies include an outlook with each rating: this is the agency's opinion of the evolution in the quality of the company's credit. These outlooks are positive, stable or negative.


Short-term rating system

Short-term rating scales of the three agencies comprise between 5 and 7 grades. Short-term rating covers debts of less than one year.

  • Moody's : Ratings go from P-1 (Prime-1), the most favourable rating, to Not Prime, the least favourable.
  • Standard & Poor's : The scale is as follows: A-1+, A-1, A-2, A-3, B, C, and D.
  • Fitch : The rating scale is as follows: F1, F2, F3, B, C, and D.

Specific events can affect the quality of a company's credit. Agencies then have the possibility of “monitoring” ratings, with a “positive” or “negative” outlook. This can lead the agencies to confirm, raise or lower their rating.

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