Extensive diversity in terms of product, geographic area, and end markets; Leading competitive positions in all activities; and Efficient cost management. Weak financial profile, and Acquisitive strategy. (Editor's note: The rating on Compagnie de Saint-Gobain S.A. was misstated in table 1 when this article was originally published on Oct. 15, 2002. A corrected version of the article follows.) The ratings reflect France-based Compagnie de Saint-Gobain S.A.'s superior business profile--attributable to the group's very strong diversification in terms of product, geographic area, and end markets--as well as its leading competitive positions in all of its activities. These strengths translate into solid and very consistent free cash flow generation (before acquisitions). The positive factors are tempered, however, by the group's subpar credit
