At 31 December 2019, EDF has an overall amount of €10,067 million in available credit facilities (syndicated credit and bilateral lines):

• the syndicated credit line amounts to €4 billion and expires in December 2024. No drawings had been made on this syndicated credit line at 31 December 2019;
• bilateral lines represent an available amount of €6,067 million, with expiry dates extending to June 2024. The level of this available financing is very frequently reviewed to ensure the Group has sufficient backup credit facilities;
• the amount available from the credit lines with the European Investment Bank is nil. Four credit lines were fully drawn at 31 December 2019 for amounts of €500 million, €225 million, €500 million and €250 million.
  
  

EDF Chile has a syndicated credit facility for €107 million (expiring in September 2024). At 31 December 2019, this credit facility was fully drawn.

Edison has a credit line with the European Investment Bank for €257 million (available amount €40 million) and a credit line with a pool of banks for €100 million, which was drawn to the extent of €50 million at 31 December 2019.

5.1.6.1.2 Credit rating

The financial ratings agencies Standard & Poor’s, Moody’s and Fitch Ratings attributed the following long-term and short-term ratings to EDF group entities at 31 December 2019:

n.a: not applicable.
(1) S&P revised EDF outlook from stable to negative on 10 October 2019.
(2) Moody’s revised EDISON’s outlook from stable to positive on 19 September 2019.

5.1.6.1.3 Management of foreign exchange risk

Due to the diversification of its activities and geographical locations, the Group is exposed to the risk of exchange rate fluctuations, which may have an impact on the translation differences affecting balance sheet items, Group financial expenses, equity and net income.

To limit exposure to foreign exchange risks, the Group has introduced the following management principles:

• local currency financing: to the extent possible given the local financial markets’ capacities, each entity finances its activities in its own functional currency. When financing is contracted in other currencies, derivatives may be used to limit foreign exchange risk;
• matching of assets and liabilities: the net assets of subsidiaries located outside the Euro zone expose the Group to a foreign exchange risk. The foreign exchange risk in the consolidated balance sheet is managed by market hedging involving use of financial derivatives. Hedging of net assets in foreign currencies complies with risk/return targets, and the hedging ratio varies depending on the currency, ranging from 34% to 86% for the principal exposures. If no hedging instruments are available, or if hedging costs are prohibitive, the foreign exchange positions remain open and the risk on such positions is monitored by sensitivity calculations;
• hedging of operating cash flows in foreign currencies: in general, the operating cash flows of EDF and its subsidiaries are in the relevant local currencies, with the exception of flows related to fuel purchases which are primarily in US dollars, and certain flows related to purchases of equipment, which concern lower amounts. Under the principles laid down in the Strategic financial management framework, EDF and the main subsidiaries concerned by foreign exchange risks (EDF Energy, EDF Trading, Edison, EDF Renewables) are required to hedge firm or highly probable commitments related to these future operating cash flows.
  
  

As a result of the financing and foreign exchange risk hedging policy, the Group’s gross debt at 31 December 2019 breaks down as follows by currency after hedging:

GROSS DEBT STRUCTURE BY CURRENCY BEFORE AND AFTER HEDGING

* Hedges of liabilities and net assets of foreign subsidiaries.