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Electricite de France (EDF) was upgraded by a notch to BBB+ by S&P citing improved operational performance and a strategic pivot toward long-term nuclear stability. It focused on the strong recovery at EDF’s 56-reactor domestic fleet, smooth reactor life extensions to date, and the ramping up of its credit-supportive domestic power distribution near-monopoly regulated operations. S&P added that the clarification of certain key aspects of the economics and state-package protections of the French new nuclear build were credit supportive for EDF. Besides, S&P also believes that EDF’s business risk rests comfortably within the satisfactory category, taking into account newbuild construction risk.
EDF’s bonds were trading stable with its 5% Perp at 100.2.

