Standard and Poor's rating

Following France lowered ratings from AAA to AA+ (with outlook negative), Standard & Poor's has lowered SAGESS's ratings on January 17, 2012.

A a consequence of the integral link between SAGESS and the French Government and the critical role played by SAGESS in the management of strategic oil reserves, SAGESS's ratings have been equalized with that on France, with a lowering from AAA to AA+ (with outlook negative).

SAGESS's short term rating is unchanged at A-1+.

On December 7, 2011 Standard & Poor's has placed SAGESS long-term issuer credit rating on credit watch with negative implication.

This placement reflects a similar action on France rating (and 5 other european countries) at the same date.

SAGESS short term rating is unchanged at A-1+.

For the 9th year running, Standard & Poor’s recognized SAGESS’ short and long-term financial stability by giving AAA-rating for long term debt and A-1+ rating for short term debt. See the full analysis released on Novembre 26, 2010.