Moody's: EDF Energy debt A3

Moody's Investors Service said it confirmed the provisional A3 and A3 long-term senior ratings of EDF Energy plc and EDF Energy Customers plc. Moody's assigned an A3 issuer rating to EDF Energy, which will replace its current A3 debt ratings.

The A3 issuer rating of Seeboard Energy Ltd. was also confirmed. The Prime-2 short-term debt rating of EDF Energy was affirmed and will be withdrawn.

The outlook is stable.

The confirmation of the ratings at A3 reflect Moody's evaluation of EDF Energy's own stand-alone credit strength in the mid-Baa range as one of the large vertically integrated utilities in the United Kingdom, combined with ratings uplift to reflect its position as a strategically important asset within the U.K. business of the wider EDF SA Group, the agency said.

As a result of its smaller scale and reduced diversification, the company's earnings stream is now wholly dependent on the performance of its unregulated activities in the U.K. energy market, which in 2010 reported consolidated EBITDA of £252 million, the agency said.

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