TY - JOUR T1 - Judgment of 13 September 2010 in France, France Télécom ao v Commission - Comments PY - 2012 N2 - Comments on Joined Cases T-425/04, T-444/04, T-450/04 and T-456/04 I. Introduction In the context of the current sovereign debt crisis, financial markets demonstrated their extreme sensitivity to the ratings issued by rating agencies, such as Moody’s and Standard & Poor’s. The judgment in France and France Télécom a.o. v Commission1 gives an interesting perspective on the meaning of advantage in the context of Article 107(1) TFEU in relation to pub JF - European State Aid Law Quarterly JA - European State Aid Law Quarterly VL - 11 IS - 3 UR - https://doi.org/10.21552/ESTAL/2012/3/303 M3 - doi:10.21552/ESTAL/2012/3/303 ER -