Fitch, the rating agency, has assigned top ratings to Electricité de France - whose state guarantee is currently under pressure - ahead of the utility's sizeable sterling-denominated Eurobond issue.
The AAA rating is based on EdF's status as an "EPIC", or public industrial and commercial enterprise, which makes the state responsible as a last resort for all of EdF's liabilities. The company also has access to additional liquidity from the French treasury - again, as a last resort.
