Extensive diversity in terms of product, geographic area, and end markets; Leading competitive positions in all activities; and Efficient cost management. Acquisitive strategy; and Exposure to asbestos liabilities in the U.S. The ratings on France-based Compagnie de Saint-Gobain S.A. (Saint-Gobain) reflect its very strong business profile, stemming from solid competitive positions, and extensive diversity in terms of product, geography, and markets. This is tempered, however, by the group's moderate financial profile, acquisitive strategy, and exposure to asbestos-related litigation in the U.S. With sales of €29.6 billion in 2003, Saint-Gobain holds worldwide or European leadership positions in diversified industries (glass, industrial ceramics, plastics and abrasives, insulation and fiber reinforcements, building materials, and building-materials distribution). Gross unadjusted financial debt was €8.7 billion
