MILAN (Standard&Poor's) June 24, 2003--Standard&Poor's Rating Services said today that it had revised its outlook on France-based IT services and consulting group Cap Gemini S.A. to negative from stable, following an annual review. At the same time, the 'BBB+' long-term corporate credit rating on the group was affirmed. "We expect that it will be difficult for Cap Gemini to rapidly increase its operating profitability and cash flow generation (after restructuring expenses) to a level more consistent with its rating category," said Guy Deslondes, a credit analyst in Standard&Poor's Milan office. "Despite having healthy gross margins, the group continues to suffer from a high proportion of overhead costs (measured as a percentage of sales), and
