ENGIE SA -- Moody's downgrades ENGIE to A2; stable outlook

London, 27 April 2016 -- Moody's Investors Service (Moody's) has today downgraded to A2 from A1 the issuer and senior unsecured ratings of ENGIE SA (ENGIE), as well as its senior unsecured MTN rating to (P)A2 from (P)A1, its subordinated rating to (P)A3 from (P)A2 and its junior subordinated debt ratings to Baa1 from A3. Moody's has also downgraded the ratings of ENGIE's subsidiaries: (1) the issuer and senior unsecured ratings of GIE GDF SUEZ Alliance (now GIE ENGIE Alliance) to A2 from A1; (2) the issuer rating of ENGIE Invest International S.A. (EII) to A3 from A2; (3) the issuer rating of Electrabel SA to Baa1 from A3; and (4) the issuer rating of GDF SUEZ CC (now ENGIE CC) to Baa1 from A3. At the same time, Moody's has affirmed the short-term P-1 and (P)P-1 ratings of ENGIE, the short-term P-1 rating of GIE GDF Suez Alliance (now GIE ENGIE Alliance), and the short-term (P)P-2 rating of Electrabel SA. The outlook on all ratings is stable.

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