Standard and Poor's rating

Rating analysis - November 2011

Standard & Poor’s confirms SAGESS’ ratings : AAA, in line with France

On November 18, 2011 Standard & Poor’s has renewed its AAA long-term and A-1+ short-term issuer credit rating on SAGESS. These ratings are aligned on France’s ratings. They will allow SAGESS to reach the financial markets in the best conditions.

In its ratings, Standard & Poor’s has based its approach on two critical factors:

• “Critical” role in fulfilling France’s legal obligation to stockpile oil under EU and International Energy Agency (EIA) requirements. This mission, in Standard & Poor’s opinion, ensures SAGESS of a strong state support.
• “Integral” link with the French state. SAGESS is integrated into the government’s energy policy and subject to close state supervision and control.