Moody’s drops Electricite de France to A3

Moody's Investors Service said it downgraded the long-term issuer and senior unsecured ratings of Electricite de France SA to A3 from A2, as well as its perpetual junior subordinated debt ratings to Baa3 from Baa2.

Concurrently, the agency downgraded the group's short-term ratings to Prime-2 from Prime-1.

The outlook is stable. The action concludes the review initiated on Sept. 16.

Moody’s said the downgrade reflects its view that the action plan announced by Electricite de France in April 2016, which includes government support, will not be sufficient to fully offset the adverse impact of the incremental risks associated the Hinkley Point C (HPC) project on the group's credit profile.

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