PARIS (Standard&Poor's) Jan. 21, 2008--Standard&Poor's Ratings Services said today that it raised its long-term corporate credit and senior unsecured debt ratings on France-based IT services group Cap Gemini S.A. to 'BBB-' from 'BB+'. The outlook is stable. All ratings were removed from CreditWatch, where they had been placed with positive implications on Nov. 9, 2007. At June 30, 2007, Cap Gemini reported gross debt of €1,267 million. "The upgrade reflects the continuing improvement in Cap Gemini's operating performance and its maintenance of conservative financial policies," said Standard&Poor's credit analyst Patrice Cochelin. We believe that Cap Gemini's pre-restructuring operating margins, which are likely to have exceeded 7% in 2007, have further improvement potential in 2008.
