Moody's comments on Gaz de France, Suez

Moody's Investors Service commented on the ratings of Gaz de France (Aa1 under review for downgrade), Suez (A2, under review for upgrade) and Electrabel (A2, under review for upgrade), following the release of details about a combined Gaz de France and Suez's operational and financial objectives post implementation of the proposed merger.

The ratings of all three companies were placed under review in February 2006 following merger plans.

Moody's noted that Gaz de France Suez's industrial strategy is aimed at developing profitable, top-flight positions in all of the group's businesses, and will be supported by a capital expenditure program of, on average, €10 billion per year from 2008 to 2010.

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