Moody's: GDF SUEZ view to stable

Moody's Investors Service said it affirmed the A1 issuer and senior unsecured ratings and A3 junior subordinated debt ratings of GDF SUEZ SA and the A1 ratings of GIE GDF SUEZ Alliance, which is guaranteed by GDF SUEZ.

The agency also affirmed the ratings of GDF SUEZ's subsidiaries.

The outlooks were changed to stable from negative.

Moody's said these actions follow the recent publication of GDF SUEZ's first quarter results for 2014, and factor in: (a) The group's progress in restoring financial flexibility following its acquisition in 2012 of the remaining 30% shareholding in International Power which it did not already own; and (b) the group's scale and business mix which should continue to support relatively stable cash flow generation against the background of weak power generation markets in Europe.

They also take account of the increase in capital investment planned over 2014-2016, which in Moody's view the group should be able to carry out while maintaining leverage at levels consistent with guidance for the A1 rating.

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