PARIS (Standard&Poor's) July 29, 2005--Standard&Poor's Ratings Services said today that it had revised its outlook on France-based Compagnie de Saint-Gobain S.A. to negative from stable, and at the same time affirmed its 'A-' long-term and 'A-2' short-term issuer credit ratings on the company. "The outlook revision follows Saint-Gobain's public indications that it intends to pursue a more aggressive acquisition strategy and considers its current debt leverage as too low," said Standard&Poor's credit analyst Xavier Buffon. Reported net unadjusted financial debt stood at €7.5 billion ($9.1 billion) at end-June 2005. The negative outlook reflects the potential threat to the ratings stemming from the company's announcement that it targets higher, yet not quantified, debt leverage in
