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S&P downgrades French enterprises EDF, RTE, SNCF

(Xinhua)

10:28, January 18, 2012

PARIS, Jan. 17 (Xinhua) -- The rating agency Standard and Poor's (S&P) on Tuesday announced its decision to lower the ratings of the giant French electricity power EDF and its subsidiary RTE and the national railway group SNCF, local media reported.

S&P would downgrade EDF and RTE from AA- to A + and cut the rating of SNCF from AA + to AA, local economic daily Le Echos said on its website.

The rating agency also placed Paris airport operator ADP on negative outlook, the newspaper reported.

The move came four days after the rating agency downgraded nine eurozone countries on Friday, including cutting France's top credit rating from triple A to AA+.

The downgrade involved a total of 13 companies in the euro area in the public sector, due to their status of being government-linked or state-owned. But S&P indicated it would later give detailed reasons for its decisions.

The rating agency warned that 13 public enterprises placed on negative watch early December would expect a review and have their fate decided in a period of three months.

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