S&P trims Electricite de France

S&P said it lowered its rating on Electricite de France SA to BBB+ from A- and its subsidiaries long-term rating on EDF's U.K. subsidiaries, EDF Energy plc and EDF Energy Customers plc, to BB+ from BBB-.

Also, the agency cut the senior unsecured bond ratings to BBB+ from A- and the junior subordinated debt rating to BB- from BB.

“Our downgrade of EDF signals heightened structural and operational risks to its nuclear operations, in our view, exacerbated by the Covid-19 pandemic. This results in lower cash flow predictability and contributes to the group's deeply negative free operating cash flow (FOCF),” S&P said in a press release.

The outlook is stable.

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