Bond investors reacted calmly to the increased possibility of Electricité de France (EdF) losing its credit ratings-friendly legal status in France.

Moody's, the credit ratings agency, put EdF and Gaz de France (GdF) on review for downgrade after Jean-Pierre Raffarin, the French prime minister, indicated that both companies' legal status would be changed ahead of their partial privatisation. They benefit from being 'EPIC', or public sector institutions in the industrial and commercial sectors that have last resort support from the state.