LONDON (Standard&Poor's) Oct. 28, 2008--Standard&Poor's Ratings Services said today that it revised its outlook on France-based Compagnie de Saint-Gobain, a building and engineered materials manufacturer and distributor, to negative from stable. At the same time, we affirmed the 'BBB+' long-term and the short-term corporate credit rating at 'A-2'. The outlook revision reflects the increased pressure on the ratings as a consequence of difficult sector (particularly construction and autos) and financial market conditions, which will make it increasingly challenging for the group to maintain an adjusted ratio of funds from operations (FFO) to debt in the 25%-30% range adequate for its 'BBB+' rating. Saint Gobain's credit profile is already stretched with a modest adjusted ratio of FFO
