MILAN (Standard&Poor's) July 22, 2005--Standard&Poor's Ratings Services said today that its ratings and outlook on France-based electric and automation group Schneider Electric S.A. (A/Stable/A-1) are unaffected by the announcement that Schneider will buy 100% of BEI Technologies Inc. for $562 million. The group continues to be very acquisitive, as demonstrated by the recent acquisition of Juno Lighting Inc. in June 2005 for $610 million. These two recent acquisitions will improve the group's business position in the U.S., but will also increase its net debt position by about €1 billion, which is significant. Nevertheless, pro forma for these two acquisitions, funds from operations to fully adjusted net debt remains well above 40%, the minimum level required to
