PARIS (Standard&Poor's CreditWire) May 21, 1999--Standard&Poor's today lowered its long-term corporate credit and senior unsecured debt ratings on Compagnie de Saint-Gobain S.A. (Saint-Gobain) to single-'A'-plus from double-'A'-minus. The senior unsecured debt rating on Saint-Gobain Nederland B.V., which is guaranteed by Saint-Gobain, was also lowered to single-'A'-plus from double-'A'-minus. At the same time, the short-term corporate credit and commercial paper ratings on Saint-Gobain were lowered to 'A-1' from 'A-1'-plus. The outlook is stable. The rating action reflects the deterioration of Saint-Gobain's financial profile--following an increase in debt beyond that which was anticipated at the former rating level--coupled with ongoing external growth and the impact of the planned 5% share capital repurchase. The ratings on Saint-Gobain reflect its
