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. Resilient credit metrics at levels commensurate with the current rating. Acquisitive growth and investment strategy and moderate financial policy. Large exposure to the cyclical construction sector and some exposure to the cyclical auto 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 to antitrust litigation in Europe for flat glass. The ratings on leading France-based construction and engineered materials and solutions manufacturer and distributor Compagnie
