Superior product, geographic, and business diversity; Leading competitive positions in all activities; and Efficient cost management. Acquisitive strategy; Exposure to cyclical, seasonal, raw materials- and energy-intensive markets; and Exposure to asbestos liabilities in the U.S. The ratings on France-based Compagnie de Saint-Gobain S.A. reflect its very strong business profile. The ratings are tempered, however, by the group's moderate financial profile, acquisitive strategy, and exposure to asbestos-related litigation in the U.S. Reported net unadjusted financial debt was €5.6 billion ($7.3 billion) at year-end 2004. With sales of €32 billion in 2004, up 8.2% from 2003 (an increase of 4.6% at constant exchange rates and scope), Saint-Gobain holds worldwide and European leadership positions in diversified industries (glass, industrial ceramics, plastics and abrasives,
