Agbar has the following ratings assigned by the international credit risk assessment agencies: Agency long-term debt STANDARD & POOR'S A / Credit Watch Negative MOODY'S A 2 - Under Review (*) (*) Under Review for Possible Downgrade On 22 October 2009, SUEZ ENVIRONNEMENT and CRITERIA published an agreement in principle, according to which SE shall take control of AGBAR with an increase in its holding to 75% and CRITERIA shall acquire 54.8% of the holding of ADESLAS. This circumstance has led S&P, on the same date, to revise AGBAR’s rating from A Outlook Stable to A/ Credit Watch Negative, and Moody’s to revise, on 23 October, AGBAR’s rating from A2 Outlook Stable to A2 Under Review for Possible Downgrade. S&P bases its action on the possible impact of the operation announced on the quality of AGBAR's debt and on the possible need to reconsider the focus of the analysis of AGBAR as an independent company. The action by Moody’s reflects the uncertainty concerning AGBAR’s future capital structure and future strategy following the operation announced. The rating scale of the above-mentioned ratings agencies for the Long-Term Debt is as follows:   Moody´s STANDARD & POOR'S Upper Investment Grade Aaa AAA Aa1 AA+ Aa2 AA Aa3 AA- A1 A+ A2 A A3 A- Lower Investment Grade Baa1 BBB+ Baa2 BBB Baa3 BBB- Non-Investment Grade Ba1 BB+ Ba2 BB Ba3 BB- Lower Non-Investment Grade B1 B+ B2 B B3 B- Caa CCC Ca CC C C Default   SD   D The role of rating in the financial markets is to provide a measure of the risk of non-compliance in payment of interest, dividends or principal, for a fixed income investment. The work involved in setting ratings by a ratings agency follows methodology, criteria and quality control which are identical for all issuers. These ratings can be revised, suspended or withdrawn by the rating agencies at any time. To carry out the process of rating and monitoring, the ratings agencies generally trust in the accuracy and completeness of the information provided by the Issuing Company, its auditors and other experts. Credit agencies constitute options and not recommendations for purchase or sale of securities on the market. Nor do they attempt to reflect general market conditions. In any case, the credit ratings granted by the ratings agencies are no substitute for the analysis which should be made by any investor; they should be a complement to this analysis.