Superior product, geographic, and business diversity. Large size and leading competitive positions in all activities. Exposure to renovation end markets, energy saving applications, and local rather than global competition. Good track record in containing operating costs and reducing capital expenditures. Adequate liquidity. Acquisitive strategy and moderate financial policy. Large exposure to the cyclical construction sector and some exposure to the cyclical automotive industry. Sensitivity to the cost of energy and raw materials and to foreign currency translation fluctuations. Exposure to asbestos liabilities in the U.S., and European antitrust litigation for flat glass. The ratings on leading France-based construction and engineered materials manufacturer and distributor Compagnie de Saint-Gobain (Saint-Gobain) reflect Standard&Poor's Ratings Services' view of its "strong" business risk
